South Korea Inflation Rises Less Than Expected in March

SEOUL, April 2 - South Korea’s consumer inflation rose 2.2% year-over-year in March, below forecasts, as global oil prices surged due to the Iran war.

The government imposed nationwide fuel price caps for the first time in nearly three decades to curb costs.

Monthly inflation climbed 0.3%, slower than the projected 0.6%. Petroleum products rose 10.4%, while agricultural goods dropped 3%.

Core inflation, excluding food and energy, was 2.2%, down from 2.3% in February.

The data arrives ahead of the Bank of Korea’s April 10 policy meeting. The central bank last month held rates steady and signaled no changes until August.