South Korea Oct inflation to be lower than worried level -fin min By Reuters

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South Korea Oct inflation to be lower than worried level -fin min

Economy Oct 27, 2022 07:05PM ET

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South Korea Oct inflation to be lower than worried level -fin min

© Reuters. FILE PHOTO: South Korea Finance Minister Choo Kyung-ho attends the G20 Finance Ministers and Central Bank Governors Meeting in Nusa Dua, Bali, Indonesia, 16 July 2022. Made Nagi/Pool via REUTERS

SEOUL (Reuters) -South Korea's finance minister said on Friday the October inflation rate would likely turn out to be lower than earlier thought due mainly to continued declines in oil products prices.

Minister Choo Kyung-ho made the remark at a scheduled meeting of economy-related ministers, while providing no figure and adding inflation would still remain at a relatively high level for some time.

"Consumer prices in October will likely turn out to be lower than a level we had worried about as oil products prices continued their decreasing trend," Choo said.

South Korea's annual rate of inflation fell in each of the past two months to 5.7% in August and 5.6% in September after hitting an almost 24-year high of 6.3% in July.

Choo had said inflation would have passed the peak by October at the latest.

South Korea is due to release October consumer price index data on Wednesday.

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