South Korea’s consumer inflation cooled more than expected in July to its slowest in 25 months, official data showed on Wednesday, supporting market views that the monetary tightening cycle was over contrary to the central bank’s hawkish rhetoric.
The finance ministry said after the data release inflation would continue to stabilize this year, after temporary upward pressure in August and September from seasonal factors, but the central bank said it would rebound from August to around 3 percent by the end of the year.
“But, there are other factors that need to be taken into consideration,” Kong added, citing monetary policy in the United States. Broken down by sector, prices of petroleum products were 0.7 percent lower than the month before, but agricultural prices jumped 4.7 percent, the most in six months, while public utility prices dropped 4.9 percent.
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