South Korea's July CPI hits 24-year high

South Korea's July consumer price index (CPI) rose 6.3% year-on-year, up 0.3 percentage points from the previous value, and hit a nearly 24-year high, mainly still affected by high energy and food prices. In addition, local inflation has remained above the central bank's 2 percent target for the 16th consecutive month, putting pressure on the central bank of South Korea to tighten policy further to curb price growth.