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South Korea's inflation rate rises to record high of 3.2% as food
7 articles |
Updated 2d ago |
Created 2d ago
Inflation climbed sharply last month with a year-over-year rise reaching 3%, driven primarily by surging food and energy costs alongside rising import prices, pushing the annual inflation rate up significantly compared to previous months where it hovered around lower levels of approximately one percent or less; this latest spike has prompted Bank officials like Governor Kim Young-woon to emphasize that while monetary easing is necessary due to weak domestic demand from low consumer spending in March and April 2019, policymakers must maintain a firm stance on inflation control given the...
Key Points
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1The South Korean stock market closed with a significant gain of approximately 3% on March 12.
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2Intraday, the KOSPI index reached an all-time high before closing at its highest level in over two years (609.54 points).
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3This rally was driven by strong investor sentiment and increased trading volume as investors bet higher for a potential economic recovery.
Developments
[Mar 13, 2:59]
The KOSPI closed at an all-time high of approximately 608.7 points with total turnover reaching about $4 billion (converted from original currency context).
[Mar 12, 23:26] - [Yonhapnews.co.kr]:
Kospi reached a record-high level during the trading day.