The finance minister of South Korea disclosed on Sunday that the inflation rate is expected to ease in November and hover around 3.6%, as there has been a decline in agricultural prices.
According to a poll conducted by Reuters, the consumer price index for South Korea increased by 3.8% in October as compared to the same period last year. This has been the fastest rate of inflation since March 2023.
Finance Minister Choo Kyung-ho commented that the recent decrease in oil prices might lead to the gradual stabilization of inflation rates.
The third straight month of high consumer inflation in October is causing policymakers to be cautious. They are closely monitoring the situation to check if the current interest rates are enough to manage the soaring inflation rates.