Cho Kyung-ho, South Korea’s finance minister, said consumer prices were expected to grow by 2% in June and July, as inflationary pressures eased.
“Overall, consumer prices are gradually stabilizing,” South Korea’s Yonhap news agency quoted the minister on Sunday, adding: “I think inflation will hit a level of 2% this month or next month.”
According to a South Korean statistical office report, consumer prices rose by 3.3% last May compared to last year, compared to 3.7% last April.
Inflation fell below 4% last April for the first time in 14 months.
Inflation is declining after peaking at 6.3% last July.
With regard to service costs, Zhou noted that although the global price of energy resources had stabilized, government companies would take “years” to overcome their deficits.
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