South Korea June inflation +2.4% y/y, weaker than forecast

SEOUL (Reuters) – South Korea’s consumer inflation eased more than expected to the weakest in 11 months, official data showed on Tuesday.

The consumer price index stood 2.4% higher in June than a year earlier, slower than a rise of 2.7% in May and the slowest since July 2023, according to Statistics Korea.

It was also weaker than a median 2.7% rise tipped in a Reuters survey of economists.

The index fell 0.2% on a monthly basis, after a 0.1% rise in the previous month, marking the first decline in seven months.

(Reporting by Jihoon Lee; Editing by Jacqueline Wong)