© Reuters. FILE PHOTO-South Korea’s Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho attends the G20 finance ministers meeting in Nusa Dua on the Indonesian island of Bali July 15, 2022 Sonny Tumbelaka/Pool via REUTERS
SEOUL (Reuters) – South Korea’s finance minister on Friday reiterated his view that consumer prices would decline around April to May, a week after data showed annual inflation in the country had unexpectedly increased in January.
“Inflation data will improve to a level that we have less to worry about than at present,” Minister Choo Kyung-ho told a forum hosted by national media editors, without giving a comment. accurate forecasts.
South Korea’s consumer price index rose 5.2% in January from a year earlier, accelerating from a 5.0% gain in December 2022 and beating expectations of the market for growth of 5.0%.
Choo said he met frequently with the central bank chief to exchange views on current issues, but declined to comment on interest rates, noting that monetary policy was the preserve of the Bank of Korea.
He said an early recovery in China’s economic growth after it lifted COVID-related restrictions would be positive for South Korea’s economy, although the country should continue its efforts to diversify export markets.