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S.Korea Oct inflation accelerates to near decade-high -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Women in Seoul look at their mobile phones, Hongdae, South Korea. June 29, 2016. REUTERS/Kim Hong-Ji

SEOUL (Reuters – South Korea’s consumer inflation accelerated to a peak of nearly 10 years in October. For the seventh consecutive month, it remained at or above 2%, as oil prices and rental housing continued to climb.

According to government data, October’s consumer prices rose 3.2% compared with a year ago, Wednesday’s data shows. This is the fastest increase since January 2012, and up from September’s 2.6%.

This was in line with the 3.2% rise predicted by analysts from Reuters.

The month-on-30 inflation rate rose 0.1% in September, a slowdown from the 0.5% gain seen in September but consistent with projections.

Core inflation rose 2.4% annually, which was the fastest rate of growth since December 2015, and is up from September’s 1.5% increase.

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