South Korean inflation rose to a two-year high in February, breaching the central bank’s 4 percent ceiling for a second month and bolstering the case for an interest rate increase as early as next week.
The consumer-price index rose 4.5 percent from a year earlier, after gaining 4.1 percent in January, Statistics Korea said today in Gwacheon, south of Seoul. That compares with the median estimate of 4.3 percent in a Bloomberg News survey of 11 economists. Prices rose 0.8 percent from the previous month.
Some economists predict the Bank of Korea will raise rates for the second time this year when officials meet on March 10 after unexpectedly keeping borrowing costs unchanged in February. The government today unveiled more measures to ease price pressures, and Vice Finance Minister Yim Jong Yong said the country remains committed to containing inflation at 3 percent.
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