葡萄是草本还是木本:Economic data presses for BOK's rate hikes in March

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Economic data presses for BOK's rate hikes in March

11:08, March 04, 2011      

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South Korea's economic data is pressing for the country's central bank to raise interest rates at the rate-setting meeting in March, analysts said.

Just a week ago, a majority of market participants forecast that the Bank of Korea (BOK) will likely hold its key interest rate at 2.75 percent in March as anti-government protests in the Middle East could push oil prices much higher.

However, expectations for the BOK's rate increases re-emerged to the front after the country's latest data confirmed that the Asia's fourth largest economy is continuing to recover and consumer inflation is accelerating.

ROBUST GROWTH &RISING INFLATION

Production in the mining and manufacturing industries jumped 13. 7 percent in January from a year earlier, after posting a revised 10.6 percent expansion in December, Statistics Korea said Thursday.

The January reading marked a double-digit on-year growth for the fourth consecutive month, indicating that the South Korean economy maintained its robust growth despite lingering uncertainties at home and aboard.

The country's inflation accelerated in February mainly due to higher food and oil-related costs, adding pressures on the BOK's rate increases.

South Korea's consumer price index (CPI) jumped 4.5 percent in February from a year earlier, after gaining 4.1 percent in January, according to the report released by the statistics agency on Wednesday,

The February reading breached the central bank's 4 percent ceiling for the second consecutive month and stayed much higher than the government's inflation target of 3 percent. It posted the highest level since 4.5 percent in November 2008.


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