SEOUL (Reuters) -South Korea’s consumer prices rose 3.1% in March from the same month the year before, official data showed on Tuesday, in line with market expectations and matching the previous month’s pace.
On a monthly basis, the consumer price index rose 0.1%, slower than the 0.5% rise in February and the 0.3% gain tipped in a Reuters survey of economists.
Prices of agricultural products jumped 1.3% over the month, while petroleum products also climbed 1.5%.
Last month, South Korea came up with measures to stabilise produce prices, as inflation emerged as a major policy issue heading into the country’s parliamentary election.
The Bank of Korea held interest rates at a 15-year high at their last meeting in February, with most board members saying it was too early for a policy pivot. The central bank next meets on April 12.
Core CPI, excluding volatile food and energy items, rose 2.4% in March on an annual basis, slightly off the 2.5% pace in February and the slowest increase since December 2021.
(Reporting by Jihoon Lee; Editing by Jamie Freed and Sam Holmes)
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