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S Korea's inflationary pressure eases amid stable recovery

05-06-2011 14:28 BJT

SEOUL, May 6 (Xinhua) -- South Korea's inflationary pressure eased amid stable economic recovery, a government report showed Friday.

Inflation eased more or less due to warmer weather conditions and subsiding foot-and-mouth disease outbreak, the Ministry of Strategy and Finance said in a monthly report assessing the latest economic situation.

The report came after the country's consumer prices rose 4.2 percent in April from a year earlier. The April reading breached the Bank of Korea (BOK)'s upper ceiling of inflation target band between 2 and 4 percent for the fourth consecutive month, but inflation eased from 4.7 percent in March, the fastest pace in 29 months.

The BOK is widely expected to raise its key interest rate at the May rate-setting meeting, but easing inflationary pressure and lingering external uncertainties may delay the bank's monetary policy normalization to the next policy meeting.

The ministry noted the overall global economy is recovering, but it still faces uncertainties such as the geopolitical risk in the Middle East, the nuclear crisis caused by the devastating earthquake and tsunami in Japan and the fiscal problems in advanced economies.

Meanwhile, the ministry said the South Korean economy continues to see improvement in economic conditions and employment.

Production in mining and manufacturing industries grew 1.4 percent on-month in March thanks to brisk exports and solid demand, and output in the service sector expanded 2.0 percent due to stronger domestic demand, according to the report.

Labor market also maintained its recovery trend with employment rising 469,000 in March, the report showed.

Editor:Yang Jie |Source: Xinhua

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