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SOUTH KOREA'S CONSUMER INFLATION ACCELERATES IN JUNE.
SEOUL, July 2 Asia Pulse - South Korea's consumer inflation accelerated in June because of global oil price hikes, a government report showed Monday.
The consumer price index gained 2.5 per cent year-on-year in June, compared with a 2.3 per cent advance in May, the National Statistical Office said in the report.
The result is slightly lower than analysts' expectations.
Sixteen economists surveyed by Yonhap Infomax, the financial news arm of Yonhap News Agency, put the median growth rate at 2.6 per cent for June.
The report said industrial product prices, including gasoline and diesel, were one of the reasons behind the stronger inflation.
Global oil prices rose sharply in the past months, becoming a key concern for South Korea, the world's fourth-largest oil importer.
The price of Dubai crude, South Korea's benchmark, rose to US$66.54 a barrel last week, compared with an average price of US$61.55 in 2006.
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