S Korea meets inflation target between 2007-09: central bank

18:03, January 04, 2010      

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South Korea's central bank said Monday the country's consumer inflation was kept within its mid-term target band between 2007 and 2009 despite of fluctuations in oil prices and the foreign exchange rate, the central bank said Monday.

According to the Bank of Korea (BOK), South Korea posted consumer price growth at an average of 3.3 percent during the 2007-2009 period, meeting its inflation target which was set between 2.5 percent and 3.5 percent.

"The country's consumer inflation was swayed by supply side shocks, which were triggered by fluctuations in oil prices and local currency," the BOK said in a statement.

In November, the BOK expanded its 2010-2012 target inflation range to between 2 percent and 4 percent, setting the median at 3 percent, saying it sought to better cope with economic uncertainty in a flexible way.

With the widened inflation range, the BOK has secured some room to take flexible policy measures, local analysts have said.

Source: Xinhua
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