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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World ECONOMIC SIGNALS-Aggressive tightening seen in South Korea Reuters - Thursday, February 10 Send IM Story Print By Kim Yeonhee and Yoo Choonsik SEOUL, Feb 9 - South Korea's central bank looks poised to announce its second ever back-to-back interest rate rise on Friday, as inflation pressures keep building on the back of rising fuel and food costs and a sustained rebound in growth. President Lee Myung-bak called for a "war on inflation" early this year and days later the Bank of Korea raised the policy rate earlier than expected. But inflation in January quickened to above the central bank's 2-4 percent target band. Following are some details, illustrated with graphics, on the recent inflation trends in South Korea and how Asia's fourth-largest economy has been faring after pulling out of the global crisis faster than expected: INFLATION UP NOT ONLY DUE TO FUELS, FOODS January consumer inflation quickened more than expected to 4.1 percent -- above the 4 percent ceiling of the central bank's target band -- led by food and oil products, but prices were also rising, at a slower rate, across the remaining segments. Analysts expect inflation to rise further above 4.5 percent soon, for the first time since the global spike in energy prices in late 2008, but both the government and the central bank expect the annual rate to start easing in the second quarter. Related graphic: http://link.reuters.com/war87r BANK OF KOREA SEEN BEHIND CURVE Investors had expected the central bank to start raising interest rates from a record low of 2 percent as it rebounded from the global financial crisis in late 2009, after its chief declared the economy appeared to have hit the bottom. But it was not until July last year that the Bank of Korea lifted the 7-day repurchase agreement rate by 25 basis points, as signs of building inflation became more evident and as uncertainties over the economy cleared. Despite three interest rate increases over the past seven months, the policy rate -- now at 2.75 percent -- has stayed far below headline inflation for more than a year, resulting in growing expectations of higher inflation among consumers. Related graphics: http://link.reuters.com/vam77r http://link.reuters.com/ber87r EXPORTS FARING BETTER THAN EXPECTED Overseas sales by the world's seventh-largest exporter have beaten market expectations in recent months on the back of fast growing consumption in emerging economies and resilient demand from advanced nations. South Korean-based global players such as Samsung Electronics , Hyundai Heavy Industries and Hyundai Motor have enjoyed robust demand even through the 2008-09 global crisis. South Korean companies sold a record $1.95 billion worth of products abroad every day in January, double the amount in the same month two years ago, helping the economy sustain growth. A sustained recovery in domestic demand, first supported by fiscal stimulus spending to avert massive job losses and later led by a broad rebound in employment, has also kept growth track. Private consumption, which generates just over half of annual GDP, has expanded for eight consecutive quarters. Related graphics: http://link.reuters.com/xam77r HEAVY HOUSEHOLD DEBTS A CONCERN Apart from the government's traditional stance in favour of a modest pace of monetary tightening, continued growth in household debt could persuade some board members at the Bank of Korea to oppose zeroing in on inflation. South Korean households continued to expand their debts throughout the global crisis, in contrast to the deleveraging that most other advanced economies have undergone. Some fear too fast a rise in interest rates aimed at cooling off inflation expectations could lift the debt-servicing costs of the household sector, triggering a sharp increase in debt failures and sparking a consumer debt crisis. Related graphics: http://link.reuters.com/tar87r GOVERNMENT ALL-OUT TO STOP INFLATION The government has frozen some public service charges and lowered import tariffs on select food items since January, and has promised to do more should the situation get worse. It is also pressuring oil refiners to cut oil products prices. One of a few remaining cards is slashing domestic sales taxes on oil products and President Lee Myung-bak said last week the government would consider doing so. But the finance ministry has said it would use the option only in an emergency. The government may also allow the won to appreciate more quickly to cushion the impact from rising global prices of energy, grains and raw materials, but currency analysts expect this option to be held in reserve for now. Related graphics: http://link.reuters.com/var87r Recommend Send IM Story Print Related Articles AIRSHOW-India plans to award fighter deal by March 2012 Reuters - 36 minutes ago Tabreed, creditors in debt deal; Mubadala to support Reuters - 39 minutes ago Coal miner Alpha Natural's Q4 profit beats Street Reuters - 41 minutes ago Malaysia's Multi-Purpose to buy remaining Magnum shares Reuters - 45 minutes ago USANA Health Sciences shares fall after weak 2011 outlook Reuters - 51 minutes ago News Search Top Stories Fed 'unwaveringly committed' to steady prices: Bernanke Nokia 'on a burning platform,' CEO warns in memo Egypt protests mount as US presses Mubarak London, Toronto stock exchanges unveil merger London, Toronto stock exchanges agree merger More Top Stories » ADVERTISEMENT Most Popular Most Viewed US golfer Woods finds old habits hard to shake Russia loses military satellite: reports US auto sales jump 17 percent in January Dow closes over 12,000 for first time since June 2008 Egypt's Mubarak to step down at September election More Most Viewed » More Most Recommended » Elsewhere on Yahoo! 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