- POSTED: 01 May 2014 08:59
- UPDATED: 01 May 2014 09:02
South Korea's inflation rate hit an eight-month high in April, government data showed on Thursday, on increases in the cost of oil and industrial goods.
SEOUL: South Korea's inflation rate hit an eight-month high in April, government data showed on Thursday, on increases in the cost of oil and industrial goods.
The consumer price index rose 1.5 per cent year-on-year, up from 1.3 per cent the previous month, according to Statistics Korea.
The rate was slightly lower than the median 1.6 per cent increase forecast by analysts surveyed by Dow Jones Newswires.
Officials at the statistical office attributed the accelerated inflation in April partly to a lower comparison base a year ago when the prices of oil and other industrial goods were falling.
Month on month, the April index was up 0.1 per cent after a 0.2 per cent rise in March.
The core inflation rate -- which excludes volatile oil and food prices -- rose 2.3 per cent on the year in April following a 2.1 per cent increase in March.
The Bank of Korea has estimated an inflation rate of 2.1 per cent for 2014, following a 1.3 per cent increase in 2013 -- the slowest in 14 years.
The central bank has held its key policy rate at 2.5 per cent since May last year.