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SOUTH KOREA'S CONSUMER PRICES RISE 2.4 PCT IN NOVEMBER.
SEOUL, Dec 1 Asia Pulse - South Korea's consumer prices moved up a mild 2.4 per cent from an year earlier in November, mainly due to a fall in agricultural, petroleum and industrial prices, a government report showed Thursday.
The inflation figure, which is below the 2.8 per cent rise in prices for Asia's fourth-largest economy in the 11 months of this year, actually decreased 0.7 per cent compared to October. This makes November the second month in a row that consumer prices have fallen vis-a-vis the preceding month, the National Statistical Office (NSO) said.
"The monthly drop is mainly the result of seasonal factors, including more agricultural produce hitting the market following the autumn harvest," said Han Sung-hee, the head of the NSO's price statistics division.
He also said that the steady decline in Dubai-brand crude prices last month has affected gasoline prices and industrial products that generally rise and fall with price of oil.
The statistician said that at the present rate, South Korea's consumer inflation will end the year in the upper 2 per cent range, within the government's forecast of around 3 per cent.
"There may be some inflationary pressure exerted in December as the government moves to adjust some public utility prices and taxi fares may rise, ...
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Source: HighBeam Research, SOUTH KOREA'S CONSUMER PRICES RISE 2.4 PCT IN NOVEMBER.