South Korea’s annual inflation grows above expectations

South Korea’s Consumer Price Index (CPI) rose 2.2% on an annual basis in July, above the market expectations of 2.4%, according to Statistics Korea on Friday.

Prices of food and non-alcoholic beverages rose 3.6%, transport 5.2%, and housing, water, electricity, gas, and other fuels 1.2% on an annual basis in July, the report showed.

On a monthly basis, the South Korean CPI increased 0.3% in July, in line with expectations.

In this period, prices of food and non-alcoholic beverages climbed 0.7% and transport 1.7%, while the prices of housing, water, electricity, gas, and other fuels fell 1.2%, the report showed.