KONTAN.CO.ID - SEOUL. South Korea's consumer price index stood 6.3% higher in July than a year earlier, official data showed on Tuesday, accelerating from the previous month to hit the fastest inflation rate in almost 24 years.
The rise met market expectations.
The annual rate was up from a 6.0% rise seen in June and was the fastest pace since a 6.8% gain in November 1998. The median forecast in a Reuters survey of economists was for the July consumer price index to be up 6.3% on a year earlier.