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S. Korea Consumer Prices See 2.1% Increase in July

Doha: South Korea's consumer prices rose by more than 2% for the second consecutive month in July, mainly driven by higher costs of industrial goods and services, government data showed Tuesday.

According to Qatar News Agency, consumer prices, a key gauge of inflation, increased 2.1% from a year earlier last month, based on data from Statistics Korea.

Inflation had remained above the Bank of Korea's 2% target for four consecutive months through April before slowing to 1.9% in May. It then edged up to 2.2% in June.

The statistics agency noted that the July gain was mainly due to the continued depreciation of the South Korean won, which pushed up import prices for industrial goods. A steady increase in service prices also added to inflationary pressure.

Core inflation, which excludes volatile food and energy prices, went up 2% in July, matching the previous month's increase.