21:56 ET<\/span><\/span><\/p>\nSouth Korean inflation has risen more slowly than expected in April, due to lower food prices and cheaper imports.<\/p>\n
Consumer prices grew by 4.2% in April from the same month a year earlier, the statistical office said.<\/p>\n
That is less than the 4.4% forecast, and down from a 29-month high of 4.7% in March.<\/p>\n
Despite the dip last month, analysts believe inflation is unlikely to fall sharply due to high fuel costs and expect an increase in interest rates.<\/p>\n
“April inflation was actually lower than expected thanks to declining agriculture and fishery prices,” said Sun Yoo, an economist at Woori Investment & Securities.<\/p>\n
“However, prices of oil products are still bullish, which has convinced us to maintain our high inflation forecast through the end of the first half.”<\/p>\n
Some analysts now expect the central bank to increase the country’s benchmark interest rate to 3.25% from 3% later this month in attempt to curb rising prices.<\/p>\n
They say that the Bank of Korea and government may tolerate a stronger currency, which could hurt exporters and slow economic growth, in order to help bring down inflation.<\/p>\n
The Bank of Korea has an inflation target of between 2% and 4%, and has raised interest rates four times since July 2010.<\/p>\n
Inflation has been identified as one of the biggest threats to economic prosperity in Asia, with organisations such as the World Bank warning that it could lead to social problems.<\/p>\n<\/div>\n
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