South Korea consumer inflation rose 2.2% in January, above market expectations

South Korea's consumer inflation quickened to a six-month high in January, government data showed on Wednesday, coming in higher than market expectations.

The consumer price index rose 2.2% from a year earlier, after climbing 1.9% in the previous month, according to Statistics Korea. That compared with a median 1.97% increase forecast in a Reuters poll.

Inflation accelerated for the fourth straight month and marked the fastest since July 2024. It was also higher than the central bank's medium-term target of 2%.

On a monthly basis, the index rose 0.7%, also faster than the previous month's 0.4% gain and the fastest since August 2023.