By Kwanwoo Jun
SEOUL--South Korea's headline consumer price index rose 1.3% on year in November, with inflation accelerating steadily but at a slower-than-expected pace.
The November reading remained unchanged from the prior month when inflation hit an eight-month high, according to Seoul's statistical office. The latest figure missed a median market forecast of a 1.5% increase for November.
Compared with the prior month, the index fell 0.1% in November after rising 0.1% in October. The market had forecast a 0.1% increase in November.
Core CPI, which strips out volatile energy and food prices rose 1.4% on year in November, slower than a 1.5% gain in October. The index fell 0.1% on month in November following a 0.5% rise in the prior month.
The Bank of Korea expects inflation to gradually accelerate on expected gains in oil prices to reach 1% this year, likely coming near its annual target of 2% next year. Inflation averaged a record low 0.7% in 2015.
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(END) Dow Jones Newswires
November 30, 2016 18:26 ET (23:26 GMT)
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