South Korea March Inflation Hits 2.2 Percent Amid Fuel Caps
South Korea's March inflation rose to 2.2%, below forecasts due to fuel price caps. Risks remain high as oil prices surge past $100 amid the ongoing Iran war.
Consumer price growth in South Korea missed economist forecasts in March, providing a temporary reprieve as government-mandated fuel price caps offset the impact of rising global energy costs. Despite the lower-than-expected headline figure, officials warned that inflationary pressures remain high due to the conflict in Iran and its effect on global supply chains.
Data released on Thursday by the Ministry of Data and Statistics showed the consumer price index (CPI) rose 2.2% from a year earlier. This marks an uptick from the 2.0% recorded in February but is lower than the 2.4% median increase predicted in a Reuters poll. On a monthly basis, inflation rose 0.3%, matching the previous month's pace but coming in below the 0.6% forecast.
