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S. Korea’s inflation in July in slowest pace in 10 months

Collected: 2016.08.03

Distributed: 2016.08.04

Source: Go Direct

South Korea’s inflation rose at the slowest pace in July since September last year due to depressed international oil prices and domestic demand in further sign of stubbornly lethargic economy.

According to data released by Statistics Korea Tuesday, the nation’s consumer price index gained 0.7 percent in July from the same month in the previous year, compared with 0.8 percent gain in June. The headline inflation eased to a 10-month low this month after hovering below 1 percent threshold from May.

Petroleum-related product prices were down 8.9 percent from a year ago, undercutting the inflation by 0.38 percentage point. Prices of farm produce tumbled 4 percent on year and utility fees also slipped 3.9 percent.

Service prices rose 1.9 percent, lifting the CPI by 1.05 percentage points. Rent prices jumped 2.5 percent.

By Na Hyun-joon

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