South Korea's overall inflation rate in October fell slightly from the previous month, but it was still higher than the Bank of Korea's target level of 2%. This may further support the country's continued tightening of monetary policy. The Bank of Korea will make an interest rate decision this month. At that time, policymakers will pay close attention to these data and consider whether to raise interest rates to curb the upward pressure on prices brought about by high energy costs and strong economic growth. According to data released by Korea's Ministry of Data and Statistics on Tuesday, the benchmark consumer price index rose 2.8% year on year in October, down from the 2.9% increase in September. This latest data is exactly in line with the median expectations of the media based on a survey of nine economists. On a month-on-month basis, consumer prices rose 0.2% in October, which is also in line with survey expectations. The figure for September was up 0.3%. Excluding volatile food and energy prices, the core consumer price index rose 2.8% year on year and 0.4% month on month in October.

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