ID :
199043
Thu, 08/04/2011 - 04:58
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https://oananews.org//node/199043
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S. Korea posts 3rd-fastest price growth in H1: OECD data
SEOUL (Yonhap) - South Korea's consumer prices rose at the third-fastest pace among major global economies in the first half as rising oil and food costs drove up overall inflation, data showed Thursday.
According to the data by the Organization for Economic Cooperation and Development (OECD), South Korea's consumer prices grew 4.3 percent on-year in the January-June period, the third steepest gain among the 32 member countries surveyed.
The figure was higher than the OECD average growth of 2.8 percent during the cited period. In May, South Korea's core inflation, which excludes prices of oil and foods, also rose 2.8 percent from a year earlier, higher than the OECD average of 1.7 percent, the data showed.
Estonia topped the list with its first-half consumer prices growing 5.3 percent from a year earlier. Turkey came next with a 5.1 percent gain, according to the data.
During the same period, the United States saw its consumer prices grow 2.8 percent, while Germany, France and Italy posted 2.2 percent, 2.0 percent and 2.5 percent gains, respectively. Prices in Japan, in particular, inched up just 0.1 percent during the first half.
South Korea's fast consumer price growth stemmed mostly from higher oil and commodity prices. Food price hikes also played a role in driving up inflation.
In addition, the nation's relatively strong economic growth contributed to fast price growth compared to other advanced nations, experts said.
According to the latest data unveiled by the Seoul government, South Korea's consumer prices jumped 4.7 percent in July from a year earlier, the largest advance this year. The figure has also exceeded the government's annual inflation target of 4 percent for the seventh straight month.
According to the data by the Organization for Economic Cooperation and Development (OECD), South Korea's consumer prices grew 4.3 percent on-year in the January-June period, the third steepest gain among the 32 member countries surveyed.
The figure was higher than the OECD average growth of 2.8 percent during the cited period. In May, South Korea's core inflation, which excludes prices of oil and foods, also rose 2.8 percent from a year earlier, higher than the OECD average of 1.7 percent, the data showed.
Estonia topped the list with its first-half consumer prices growing 5.3 percent from a year earlier. Turkey came next with a 5.1 percent gain, according to the data.
During the same period, the United States saw its consumer prices grow 2.8 percent, while Germany, France and Italy posted 2.2 percent, 2.0 percent and 2.5 percent gains, respectively. Prices in Japan, in particular, inched up just 0.1 percent during the first half.
South Korea's fast consumer price growth stemmed mostly from higher oil and commodity prices. Food price hikes also played a role in driving up inflation.
In addition, the nation's relatively strong economic growth contributed to fast price growth compared to other advanced nations, experts said.
According to the latest data unveiled by the Seoul government, South Korea's consumer prices jumped 4.7 percent in July from a year earlier, the largest advance this year. The figure has also exceeded the government's annual inflation target of 4 percent for the seventh straight month.
