South Korea’s prices soar to near quarter-century high | Business and Economy

Inflation hits 6.3 p.c in July, the very best charge since November 1998.

South Korea’s costs rose greater than 6 p.c in July in contrast with final yr, the quickest soar in practically 1 / 4 century.

The East Asian economic system’s client value index rose 6.3 p.c final month, Statistics Korea knowledge confirmed on Tuesday, up from 6 p.c in June.

On a month-to-month foundation, the index rose 0.5 p.c final month, down barely from a 0.6 p.c achieve in June.

The achieve, which was according to market expectations, marks the very best charge of inflation since costs rose 6.8 p.c in November 1998.

The heady inflation knowledge comes because the Financial institution of Korea (BOK) mulls additional rate of interest hikes at its subsequent coverage assembly on August 25.

The central financial institution is broadly considered as having extra respiration house to lift charges after Asia’s fourth-largest economic system grew a faster-than-expected 2.9 p.c year-on-year within the second quarter.

The BOK last month unveiled an unprecedented half a percentage point hike to elevate the benchmark rate of interest to 2.25 p.c.

Central financial institution policymakers, who started elevating rates of interest earlier than most of its friends, described the July hike as uncommon, signalling that extra modest will increase have been possible in future.

Can Biden’s Saudi trip help ease record-high energy prices? | Oil and Gas

From: Counting the Cost

The US president pushed for a rise in oil output throughout his first journey to the Center East.

From Israel to the occupied West Financial institution and Saudi Arabia, Joe Biden’s first go to to the Center East comes at a crucial time for the US president, whose approval score is at lower than 40 p.c within the run-up to mid-term elections.

The Ukraine struggle has set off a world vitality disaster, and Biden desires the dominion to pump extra oil, to deliver down costs for People feeling the pinch on the pump.

Relations between the standard allies reached a historic low after the homicide of Saudi journalist Jamal Khashoggi in 2018. Biden goals to reset these ties.

Different points embrace safety and relations with Israel.