South Korea’s economy continued to slow its growth, and consumer prices rose for the fourth consecutive month in May year-on-year, by 3.3 percent, another sign that inflation had surpassed its peak.
On Friday, South Korea’s finance ministry said Asia’s fourth largest economy had recently come under weaker inflationary pressure.
“Recently, South Korea’s economy has seen price increases continue, and economic slowdowns have continued due to exports and the manufacturing sector,” the ministry confirmed in a report reported by South Korea News Agency.
For the eighth consecutive month, exports in May fell 15.2 percent year-on-year, coinciding with a 36.2 percent decline in semiconductor exports – South Korea’s main export component. due to low demand.
South Korea’s job additions fell for the second consecutive month in May, following a brief recovery in March, amid ongoing economic uncertainty.
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