Menu Content
Go Top


S&P: S. Korea's Inflation to Hit 5% This Year

Written: 2022-07-04 20:03:33Updated: 2022-07-04 21:05:18

S&P: S. Korea's Inflation to Hit 5% This Year

Photo : YONHAP News

Standard & Poor's says South Korea’s inflation will reach five percent this year. 

The global credit rating agency offered the prediction in a quarterly Asia-Pacific report issued on Monday, saying an increase in energy and raw material prices has accelerated inflation and will continue to do so. 

It also said South Korea’s inflation rate will drop to two-point-four percent next year, to one-point-eight percent in 2024 and one-point-six percent in 2025. 

As for economic growth, S&P said Asia’s fourth largest economy will grow two-point-six percent this year, an increase of one-tenth of a percentage point from its previous outlook in April. 

The agency said that although South Korea’s export momentum has weakened, the impact on the economy has been offset by a gradual recovery of domestic demand from the COVID-19 pandemic.

Editor's Pick


This website uses cookies and other technology to enhance quality of service. Continuous usage of the website will be considered as giving consent to the application of such technology and the policy of KBS. For further details >