SEOUL, 31st December, 2024 (WAM) -- The Republic of Korea's inflationary pressures partially eased this year, following the highest price growth in decades during the post-pandemic period, Yonhap News Agency reported, citing government data on Tuesday.
Consumer prices, a key gauge of inflation, increased 2.3 percent on-year in 2024, the slowest pace in four years, according to the data compiled by Statistics Korea. They had gained 2.5 percent, 5.1 percent and 3.6 percent in the previous three years, respectively.
The 2024 reading aligns with the Bank of Korea's forecast of 2.3 percent released in November and approaches its target rate of 2 percent.
Core inflation, which excludes volatile food and energy prices, went up 2.2 percent on-year in 2024.
Korea's consumer inflation has stayed below 3 percent since April and fell below the 2 percent target for the first time in September.