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.

Write to Kwanwoo Jun at

(END) Dow Jones Newswires

November 30, 2016 18:26 ET (23:26 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.