S Korea's CPI grows 2.6% in August

16:28, September 01, 2010      

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South Korea's consumer price index ( CPI) grew at a lower-than-the-target rate in August thanks to the government's firm grip on the inflationary pressure, an official report said Wednesday.

According to the Statistics Korea, the CPI marked a 2.6 percent on-year growth in August, within government's target price growth band of 2 to 4 percent.

Compared to the previous month, the CPI climbed 0.3 percent.

While the overall price growth remained relatively moderate, the index for fresh food soared 20 percent from a year earlier, which in turn pulled up farm product prices 8.9 percent from a year ago.

On the other hand, prices of industrial goods posted a 2.5 percent on-year growth, while service sector reported a 1.7 percent price growth.

The data comes amid the government's policy measures to curb growing inflationary pressure, including the key interest rate hike in July.

Despite the government's keen attention to the issue, market observers have been warning the nation's solid growth pace may continuously pose a threat of price growth to the economic recovery.

Amid growing market concerns, South Korea's finance ministry is to announce policy measures to tighten control on inflationary pressure on Thursday.



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