21:17 ET<\/span>
\n<\/span><\/p>\nSouth Korea’s inflation rate has hit a 27-month high in February, driven by rising food and fuel costs.<\/p>\n
The consumer price index rose by 4.5% in February, compared with the same month a year earlier, the statistical office said.<\/p>\n
That is more than the central bank’s maximum target of 4%.<\/p>\n
Analysts said they expect the higher-than-forecast inflation will prompt the central bank to raise interest rates.<\/p>\n
“In terms of economic indicators, the Bank of Korea has to raise interest rates this month,” said Goh You-sun of Daewoo Securities. <\/p>\n
However, he added that the central bank may find itself in a difficult position because of government concerns over the impact of high oil prices on South Korea’s economic growth. <\/p>\n
Over the past month oil prices have surged amid unrest in the crude-producing nations of the Middle East and North Africa. <\/p>\n
Mr Goh said that this issue may overshadow the central bank’s rate-setting meeting scheduled for next week. <\/p>\n
“The government may emphasise the Middle East turmoil as a threat to the economy, and if so, it will put the central bank in a difficult position in reviewing its policy,” the analyst added.<\/p>\n<\/p><\/div>\n<\/p>\n
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