© Stocksak. FILE PHOTO. South Korea’s Finance Minister Choo KYUNG-ho attends a meeting of the G20 Central Bank Governors & Finance Ministers in Nusa Dua Bali, Indonesia on 16 July 2022. Made Nagi/Pool via REUTERS
SEOUL (Stocksak), South Korea’s finance minister stated Friday that the October inflation rate will likely turn out lower than originally thought. This was due to continued declines of oil products prices.
Minister Choo Kyungho made the comment at a scheduled meeting economy-related ministers. He did not provide any figures, but he said that inflation would remain high for a while.
Choo stated that October’s consumer prices will likely be lower than we were worried about because oil prices continue to fall.
After hitting a record 6.3% in July, South Korea’s annual inflation rate fell to 5.7% in August, and 5.6% in September respectively.
Choo had predicted that inflation would surpass the peak by October.
On Wednesday, South Korea will release its October consumer price index data.