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  • Consumer prices likely to grow 2-2.5% next year
    Consumer prices likely to grow 2-2.5% next year
    South Korea’s consumer prices will likely grow in the range of 2 to 2.5 percent next year, the Finance Ministry projected Tuesday.The ministry said in a report that the price growth rates in major advanced countries will remain stable “for the time being” thanks to relatively low costs of import of raw materials. South Korea’s consumer prices will also likely show a similar trend, it said.The ministry predicted t...
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Consumer prices likely to grow 2-2.5% next year

Dec. 10, 2013 - 19:56 By Korea Herald
South Korea’s consumer prices will likely grow in the range of 2 to 2.5 percent next year, the Finance Ministry projected Tuesday.

The ministry said in a report that the price growth rates in major advanced countries will remain stable “for the time being” thanks to relatively low costs of import of raw materials. South Korea’s consumer prices will also likely show a similar trend, it said.

The ministry predicted that South Korea’s consumer price growth rate will be about 0.2 percentage point lower than that in other advanced countries, especially during the cycle of economic recovery.

The International Monetary Fund predicted that the prices in advanced countries will grow 1.8 percent next year, while the Organization for Economic Cooperation and Development expected a 1.9 percent rise.

The government plans to release its official forecast on inflation for 2014 this month. (Yonhap News)
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