S.Korea's inflation expectations rise to 3.3 pct in May

0 Comment(s)Print E-mail Xinhua, May 24, 2022
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SEOUL, May 24 (Xinhua) -- Inflation expectations among South Korean consumers rose to the highest in almost 10 years this month on higher global commodity prices, central bank data showed Tuesday.

Inflation expectations, which gauge outlook among consumers over headline inflation for the next 12 months, stood at 3.3 percent in May, up by 0.2 percentage points from the previous month, according to the Bank of Korea (BOK).

It was the highest in over nine and a half years since October 2012 on the back of higher raw materials prices.

The country's consumer price index (CPI) advanced 4.8 percent in April from a year earlier, logging the fastest gain in 13 and a half years since October 2008.

To curb runaway inflation, the BOK raised its benchmark interest rate by a quarter percentage point to 1.50 percent in April after lifting it by 25 basis points in January.

Expectations ran high for the BOK to hike the policy rate further at the rate-setting meeting scheduled for Thursday.

Meanwhile, the composite consumer sentiment index (CCSI) stood at 102.6 points in May, down by 1.2 points from the prior month.

It was based on a survey of 2,500 households nationwide conducted from May 10 to May 17. Enditem

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