Korean Won Rises on Inflation Outlook
The South Korean won appreciated to approximately 1,392 on Tuesday, ending a two-day decline even though inflation figures were lower than anticipated. Despite this, investor caution remained as the Bank of Korea (BOK) anticipates that inflation will rebound to approximately 2% in September following a temporary slowdown. In August, prices increased by 1.7%, marking the weakest rise in nine months. This was largely due to a surge in food costs caused by adverse weather, which was mitigated by a significant decrease in mobile phone charges. Deputy Governor Kim Woong indicated that as these temporary influences diminish, consumer prices are expected to stabilize at around the 2% level in September and maintain that range for the foreseeable future, bolstered by subdued demand and stable global oil prices.
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