South Korea’s Consumer Prices Rose 0.5% in May

The FINANCIAL — South Korea’s consumer price index rose 0.5% on the year in May, data showed on June 2, according to Nasdaq.

The May reading beat the median forecast of a 0.4% gain in a Wall Street Journal survey of economists, indicating inflation accelerated from April when the index rose 0.4%.

Compared with the prior month, the index increased by 0.3% in May, beating the poll’s median forecast of a 0.2% gain. The index rose 0.1% in April.

Core CPI, which strips out volatile energy and food prices, rose 2.1% on year in May following a 2.0% gain in April. The index rose 0.3% on month in May after a 0.1% increase in April.

The latest readings are below the central bank’s annual inflation target band of 2.5% to 3.5%. Inflation averaged 1.3% in 2014.