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April 13, 2011    

South Korea lifts inflation forecast

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by Kay Murchie
South Korea lifts inflation forecast

The Bank of Korea has lifted its inflation forecast for the 2011 year as food and oil prices rise.

Inflationary pressures are rife in Asia and many central banks have opted to hike interest rates in an attempt to combat rising prices.

The latest figures from Statistics Korea showed the consumer price index rose by 4.7% in March on an annual basis - a 29-month high.

The rate is now at the higher end of the central bank’s 2%-4% target.

Meanwhile, returning to today’s forecast, the central bank said consumer prices are likely to rise by 3.9% this year, compared to a previous estimate of a 3.5% rise.

South Korea, which is Asia’s fourth-biggest economy, maintained its growth forecast at 4.5% for the 2011 year.

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