SEOUL : South Korean consumer inflation ticked up in January to a three-month high but, driven mostly by temporary effects, left investors still confident that the central bank had ended its cycle of interest rate rises.
The index was 0.8 per cent higher than in December, when the monthly rise was 0.2 per cent. A 0.5 per cent increase from December was tipped in a Reuters poll. The data is not seasonally adjusted.Temporary effects that had pushed up inflation included a lift in electricity charges, unfavourable weather for vegetables and a strong round of regular annual price rises, the Finance Ministry said in a statement.
"January's data is unlikely to provide grounds for additional rate hikes," said Ahn, who, like most economists, believes the Bank of Korea's monetary tightening cycle ended last month. A breakdown of the data showed January public utility costs had risen 4.6 per cent from the previous month while agricultural products had jumped 6.2 per cent, leading the index higher. Petroleum products fell 2.8 per cent.
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