Lee Ji-ho, Deputy Governor of the Bank of Korea, stated on November 3 that "the improvement in the shipping conditions for agricultural, livestock, and fishery products has slightly reduced the increase compared to the previous month, but high inflation continues, particularly in personal services and durable goods."
During a morning meeting to assess the price situation, he noted that the consumer price index for October showed a 2.8% increase, down from 2.9% in September due to falling prices of agricultural, livestock, and fishery products. Core inflation remained steady at 2.8%, while the cost of living rose to 2.6%, influenced by higher prices for processed foods, up from 2.5% the previous month.
Lee projected that the consumer price increase for November would be influenced by international oil price movements, but considering the persistent high core inflation, it is expected to remain in the upper 2% range. He added, "In the future, consumer prices are likely to continue rising due to ongoing uncertainties in the Middle East, cost-push pressures, and increased demand-side pressures, and we will monitor the price situation with vigilance."
* This article has been translated by AI.
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