South Korea’s Inflation Eases to 2.7% in May

Seoul, Consumer prices in South Korea rose 2.7% on-year last month, compared with the 2.9% on-year rise a month earlier. According to South Korea's News Agency (Yonhap), South Korea's consumer prices stayed below 3% for the second consecutive month in May, but prices of fruits and petroleum products soared over supply issues and unstable global oil prices, data from Statistics Korea showed Tuesday. In January, inflation fell below 3% for the first time since July 2023 to come to 2.8%, but it rose back to 3.1% in February and stayed at the same level the following month. The government has said that the country is projected to reach the target rate of 2% by around the end of 2024, though prices are forecast to ease at a slower pace than earlier expected. Source: Qatar News Agency