World Economic outlook - South Korea consumer price index (CPI) November 2011 : South Korea's consumer prices rose at a weaker-than-expected rate in November but bobbed back above the Bank of Korea's 2%-4% inflation target for the year because of elevated food prices, government data showed Thursday.
Statistics Korea said the consumer price index rose by 4.2% from a year earlier in November, up from a revised 3.6% rise in October but below the median forecast for a 4.5% rise in a Dow Jones Newswires poll of seven economists.
The index rose by 0.1% on a sequential basis in November, in line with economists' median 0.1% rise forecast. In October, the country's CPI fell by 0.2% from the previous month.
November's data are based on the recalibrated CPI announced earlier this week by the government. Following a series of adjustments, including the removal of gold rings from the nearly 500 items included in the index, the government said the full-year CPI will be 40 basis points lower than it would be under the previous standard.
South Korea's January-November inflation has risen by 4% from a year earlier, in line with the government's forecast for the year. Statistics Korea earlier this week had revised down the January-October inflation growth to 4% on year from 4.4% previously after recalibrating the CPI.
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