South Korea July inflation +2.8% y/y, weaker than expected

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SEOUL, Aug 4 : South Korea's consumer inflation weakened to a three-month low in July, coming in below market expectations on a fall in oil prices, government data showed on Tuesday.

The consumer price index rose 2.8 per cent in July from a year earlier, after rising 3.2 per cent in June, according to the Ministry of Data and Statistics. That was weaker than a median 3.0 per cent increase tipped in a Reuters poll of economists.

The index fell 0.2 per cent over the month, as prices of petroleum products dropped 5.5 per cent. Economists had expected a rise of 0.1 per cent, the same pace as in the previous month.

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