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.
(Reporting by Choonsik YooEditing by Chris Reese)
