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(Bloomberg) — South Korea’s consumer prices rose at the same pace in April, giving the central bank scope to consider resuming the rate-cut cycle at its policy meeting later this month.
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Inflation stayed at 2.1% from a year earlier, the statistics office reported Friday. Economists surveyed by Bloomberg had forecast price growth to cool to 2%. Core prices, excluding food and energy, also rose 2.1%, topping estimates of 1.9%.
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The price data come as officials try to assess how much support the economy needs after it shrank in the first quarter, with a hit to exports from Donald Trump’s tariff campaign expected in the coming months.
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A majority of economists surveyed by Bloomberg expect the BOK to cut rates again this quarter with only the May 29 meeting remaining after April’s stand-pat decision. Still, reports that the nation’s main political parties have agreed on a 13.8 trillion won ($9.7 billion) extra budget to prop up the economy may give the central bank a reason to prolong its rate hold.
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In the meantime, trade officials see little chance of reaching a comprehensive deal on tariffs before a June 3 presidential election, Vice Industry Minister Park Sung-taek said earlier this week.
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The upcoming election was triggered by the ouster of former President Yoon Suk Yeol after his short-lived attempt to impose martial law at the end of last year. Political turmoil since then has weighed on economic activity and continues to cloud the outlook.
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