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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: S.Korea inflation dips, c.bank vows to focus on growth Reuters - 1 hour 34 minutes ago By Yoo Choonsik SEOUL, Dec 31 - South Korea's inflation eased for a fifth consecutive month in December to an eight-month low, offering the central bank ample room to focus all its efforts on lifting the economy in the face of a deepening global downturn. Bank of Korea Governor Lee Seong-tae pointed to cooling consumer prices in his New Year address, in which he promised to support economic recovery and help stabilise financial markets. "We plan to manage the base rate while placing priority on economic recovery and improving financial markets because price growth is expected to slow down," Lee said in remarks distributed ahead of the inflation data release. National Statistical Office figures showed annual inflation <KRCPIY=ECI> slowed to 4.1 percent this month from 4.5 percent in November, mainly helped by a 17.7 percent fall in gasoline prices. The headline figure came above a 3.9 percent forecast in a Reuters survey and core inflation that strips out volatile food and energy prices crept up to 5.6 percent from 5.3 percent. But analysts took the inflation numbers in their stride, arguing that the policy focus was now firmly on rescuing sagging growth after a slew of data earlier this week that showed Asia's fourth-largest economy was cooling more quickly than expected. Investors are now pricing in steep interest rate cuts ahead and analysts said slightly higher than expected inflation reading did not change that view. "The governor couldn't put it more clearly that the Bank of Korea was ready to cut the rate further as long as the economic slump deepens," said Hwang Tae-yeon, a fixed-income analyst at Tong Yang Securities Inc. On average, consumer prices rose 4.7 percent in 2008, the fastest since 1998 and far above the 2.5 percent inflation in 2007. [ID:nSEV000564] Lee's remarks and the inflation data came as local financial markets were closed. FIRST POSSIBLE CONTRACTION IN 11 YRS The central bank forecast early this month that South Korea's economy would grow only 2 percent in 2009, which would be the slowest pace since the Asian financial crisis a decade ago, on dwindling demand both at home and from abroad. But some international investment banks, such as UBS, have warned South Korea's economy could suffer its first annual contraction in 11 years of as much as 3 percent in 2009. The Bank of Korea joined late this year central banks around the world in slashing interest rates at an unprecedented pace as the global economy slipped into the worst recession in decades, hit by the U.S. financial crisis. The central bank has cut its policy interest rate by 2.25 percentage points since early October to a record low of 3.0 percent, and analysts are betting the rate could fall further to as low as 1.5 percent over the coming months. Lee also said the central bank needed to support efforts by commercial banks to boost their capital, though he did not specifically comment on a proposed 20 trillion won ($15.90 billion) fund to support the recapitalisation of banks. The Bank of Korea had said it was reviewing a request from the country's top financial regulatory agency, the Financial Services Commission , for the central bank to chip in about half of the fund. The head of the Financial Supervisory Service, the implementing body of the FSC, also warned on Wednesday that possible souring of the country's heavy household debt could erode the capital of financial companies. [ID:nSEO338108] Meanwhile, Governor Lee called for discussion on improving the central bank's role in stabilising financial markets, responding to some criticism that it was not aggressive enough during the early stages of the global financial turmoil. (Additional reporting by Cheon Jong-woo; Editing by Jonathan Hopfner and Tomasz Janowski) Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Oil prices end tumultuous year below 40 dollarsAFP - 26 minutes ago ONGC to proceed with Imperial Energy takeoverReuters - 26 minutes ago MONEY MARKETS-Easy money keeps dollar rates low at year-endReuters - 34 minutes ago India bond yields inch up on profit taking;cbank eyedReuters - 35 minutes ago China stocks suffer record annual loss of 65 pctReuters - 38 minutes ago Most Popular – Business Viewed Actress Jennifer Aniston appears naked in GQ magazine Japanese tourist spends 3 months in Mexico City airport Two thousand and strange: offbeat stories of the year US throws $6bln lifeline to GMAC Natural disasters 'killed over 220,000' in 2008 View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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