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South Korea Inflation Rises 2.3% In 2024
(RTTNews) - Consumer prices in South Korea were up 2.3 percent on year in 2024, Statistics Korea said on Tuesday - moderating from 2.5 percent in the previous year.
For December, inflation rose 0.4 percent on month versus expectations for an increase of 0.2 percent following the 0.3 percent contraction in November.
On a yearly basis, consumer prices rose 1.9 percent 0 exceeding expectations for 1.7 percent and up from 1.5 percent a month earlier.
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Bank Of Korea Cuts Policy Rate By 25 Bps
The Bank of Korea reduced its benchmark rate by a quarter-point on Tuesday as domestic political unrest and trade policies of the US government weighed on domestic demand and economic growth. The monetary policy board, governed by Rhee Chang Yong, decided to lower the Base Rate by 25 basis points to 2.75 percent. The decision matched expectations.
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