SEOUL (Reuters). Despite South Korean exports experiencing a 12-month streak of growth, a Reuters poll has shown that inflation will rise at the fastest rate in almost a decade because of rising energy prices and commodity prices.

According to median predictions of 14 economists and much quicker than September’s 16.7%, outbound shipment growth was 27.0% in the past year.

According to Oh Suk-tae, Societe Generale (OTC), “Exports were supported still by semiconductor demand but (even) the lack of further acceleration may be evidence of supply shortages.”

According to data from last week, exports during the first 20 Days of October jumped 36.1% over the year-ago period. In particular, the numbers of petroleum products and semiconductors soared 23.9% and 128.7%.

Over Oct. 1–20, overall exports to key trading partners continued to grow, with China, the United States, and European Union growing respectively by 30.9% and 37.1%, respectively.

According to Thursday’s survey, economists also saw South Korea’s October total imports increasing by 40.1% over the previous year. This compares to 31.0% in September.

Oh stated that a fall in trade surplus is expected in October, primarily due to an increase in imports… because of the recent rise in energy prices likely supported imports.”

Full-month data for trade will be published by the government on Monday morning at 9 AM local time (0000 GMT).

The same Reuters poll showed 12 economists projecting that the consumer price index (CPI), this month, will rise 3.2% from a previous year. This is the fastest increase since January 2012, and more than the September 2.5%.

Park Sung-woo, economist at DB Financial Investment stated that “Consumer inflation” would have risen due to soaring energy costs… and low base in the last year thanks to government subsidies for phone bills.

He said that “despite cutting the oil tax, the fourth-quarter CPI growth will still remain high due to upside pressures on fuel prices during the winter period.”

South Korea has temporarily reduced the tax rate for key oils products by 20%, effective immediately. This was done to reduce impact due to rising oil prices.

A total of 17 economists estimated that September’s industrial output fell by 0.7% compared to August.