<p>[首尔] 随着能源成本飙升开始更有力地影响国内经济，韩国的消费者通胀回升，价格涨幅达到自 2024 年 7 月以来的最快速度。</p>
<p>根据数据统计部在 5 月 6 日（星期三）发布的消息，4 月份消费者价格同比上涨 2.6%，较 3 月份的 2.2% 有所加速。这一结果与彭博社调查中 2.6% 的中位数预期一致。</p>
<p>剔除波动较大的食品和能源后的核心通胀上涨 2.2%，表明尽管外部成本冲击加剧，但潜在的价格压力仍然受到控制。</p>
<p>这一强劲的数据突显了中东地区日益加剧的冲突。3 月份进口价格上涨约 16%，为近三十年来的最快增速，凸显出持续高企的油价和货币贬值正在传导至国内价格。</p>
<p>在过去两周，油价上涨超过四分之一，因人们担心霍尔木兹海峡可能会继续有效关闭，而美国与伊朗之间的谈判似乎进展缓慢。该水道曾是全球约五分之一原油的运输通道。</p>
<p>在这种背景下，通胀预期有所增强。跟踪未来一年价格水平预期的指数攀升至 2023 年初以来的最高点，而对未来一年的预期通胀也有所上升，显示家庭仍然存在持续的担忧。</p>
<h3>在新的全球秩序中驾驭亚洲</h3>
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<p>4 月份，交通运输价格同比激增 9.7%，而食品和住宿价格上涨 2.6%。住房和公用事业成本上涨 1.7%，家庭用品和服务上涨 1.9%。</p>
<p>更广泛的消费者价格上涨保持温和，通信费用上涨 0.6%，食品和非酒精饮料上涨 0.3%。</p>
<p>周三的数据为复杂的经济形势增添了更多压力，可能促使韩国银行考虑转向收紧政策。强劲的半导体出口持续支持增长，推动第一季度国内生产总值增长 1.7%，新任行长申泫松警告称，油价上涨和韩元贬值可能会推高通胀。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/ef44fcaac9df03a9dceb93a07088fc4e182ae4b3daf815cd1cd87f3e42f450ca/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/ef44fcaac9df03a9dceb93a07088fc4e182ae4b3daf815cd1cd87f3e42f450ca/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>韩国的脆弱平衡</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/adccc65cce15be009584010cb236a1eb880a8b1e89d62a254a6d42be789a948b/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/adccc65cce15be009584010cb236a1eb880a8b1e89d62a254a6d42be789a948b/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>韩国超越英国成为全球第八大股市</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/262dde89dab41a3ed1fffdd21cf8916ce9a75e4ef8d77f9fdb2ce11a0105a43e/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/262dde89dab41a3ed1fffdd21cf8916ce9a75e4ef8d77f9fdb2ce11a0105a43e/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>韩国经济增长超出所有预期，受 AI 驱动的出口繁荣推动</h3>
<p>不过，申泫松也警告称，价格上涨可能会在国内需求已经相对脆弱的情况下对增长造成压力。</p>
<p>自去年 7 月以来，政策制定者将基准利率维持在 2.5%，在平衡通胀风险与对增长和金融稳定的担忧时保持暂停。在 4 月份的最新会议上，中央银行强调了以数据为依赖的政策。</p>
<p>随着成本压力加大和预期上升，通胀可能会更加持久，这可能限制中央银行在国内需求减弱的情况下支持增长的能力。彭博社</p>
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HKOD

韩国 MSCI ETF - iShares

<p>韩国 4 月份的消费者通胀率上升至 2.6%，高于 3 月份的 2.2%，主要受到能源成本飙升和中东地缘政治紧张局势的推动。核心通胀率保持在 2.2%，表明潜在压力得到控制。3 月份进口价格飙升 16%，为近三十年来的最高水平，因霍尔木兹海峡的油价飙升引发担忧。通胀预期上升，运输成本上涨 9.7%。韩国银行维持基准利率在 2.5%，在脆弱的国内需求中平衡通胀风险与增长担忧</p>

<p>[SEOUL] South Korea’s consumer inflation picked up as surging energy costs began to feed more forcefully into the domestic economy, with price gains matching the fastest pace since July 2024.</p>
<div class="lb-trans"><p>[首尔] 随着能源成本飙升开始更有力地影响国内经济，韩国的消费者通胀回升，价格涨幅达到自 2024 年 7 月以来的最快速度。</p>
</div><p>Consumer prices climbed 2.6 per cent in April from a year earlier, accelerating from a 2.2 per cent pace in March, the Ministry of Data and Statistics said on Wednesday (May 6). The result was in line with the 2.6 per cent median estimate in a Bloomberg survey.</p>
<div class="lb-trans"><p>根据数据统计部在 5 月 6 日（星期三）发布的消息，4 月份消费者价格同比上涨 2.6%，较 3 月份的 2.2% 有所加速。这一结果与彭博社调查中 2.6% 的中位数预期一致。</p>
</div><p>Core inflation, which strips out volatile food and energy, gained 2.2 per cent, indicating that underlying price pressures remained contained even as external cost shocks build.</p>
<div class="lb-trans"><p>剔除波动较大的食品和能源后的核心通胀上涨 2.2%，表明尽管外部成本冲击加剧，但潜在的价格压力仍然受到控制。</p>
</div><p>The stronger reading highlights the growing conflicts in the Middle East. Import prices jumped about 16 per cent in March, the fastest pace in nearly three decades, underscoring how persistently higher oil prices and currency weakness are passing through to domestic prices.</p>
<div class="lb-trans"><p>这一强劲的数据突显了中东地区日益加剧的冲突。3 月份进口价格上涨约 16%，为近三十年来的最快增速，凸显出持续高企的油价和货币贬值正在传导至国内价格。</p>
</div><p>Oil has soared more than a quarter over the past two weeks amid concerns that the Strait of Hormuz may remain effectively closed as negotiations between the US and Iran appear to make little progress. The waterway was the conduit for about a fifth of the world’s crude before the Mideast conflict.</p>
<div class="lb-trans"><p>在过去两周，油价上涨超过四分之一，因人们担心霍尔木兹海峡可能会继续有效关闭，而美国与伊朗之间的谈判似乎进展缓慢。该水道曾是全球约五分之一原油的运输通道。</p>
</div><p>Against that backdrop, inflation expectations have strengthened. The index tracking price-level expectations for the next one-year climbed to the highest since early 2023, while expected inflation over the next year also moved higher, pointing to lingering concern among households.</p>
<div class="lb-trans"><p>在这种背景下，通胀预期有所增强。跟踪未来一年价格水平预期的指数攀升至 2023 年初以来的最高点，而对未来一年的预期通胀也有所上升，显示家庭仍然存在持续的担忧。</p>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中驾驭亚洲</h3>
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<div class="lb-trans"><p>获取洞察信息，直接发送到您的邮箱。</p>
</div><p>In April, transportation surged 9.7 per cent from a year earlier, while prices for food and lodging gained 2.6 per cent. Housing and utilities costs picked up 1.7 per cent, and household goods and services climbed 1.9 per cent.</p>
<div class="lb-trans"><p>4 月份，交通运输价格同比激增 9.7%，而食品和住宿价格上涨 2.6%。住房和公用事业成本上涨 1.7%，家庭用品和服务上涨 1.9%。</p>
</div><p>Broader consumer-price increases stayed modest, with communication costs rising 0.6 per cent and food and non-alcoholic beverage gaining 0.3 per cent.</p>
<div class="lb-trans"><p>更广泛的消费者价格上涨保持温和，通信费用上涨 0.6%，食品和非酒精饮料上涨 0.3%。</p>
</div><p>Wednesday’s data add to a complex economic picture that may put more pressure on the Bank of Korea to consider shifting to a tightening bias. Strong semiconductor exports have continued to support growth, helping drive a 1.7 per cent expansion in first-quarter gross domestic product, and newly-appointed Governor Shin Hyun Song has warned that higher oil prices and a weaker won are likely to push inflation higher.</p>
<div class="lb-trans"><p>周三的数据为复杂的经济形势增添了更多压力，可能促使韩国银行考虑转向收紧政策。强劲的半导体出口持续支持增长，推动第一季度国内生产总值增长 1.7%，新任行长申泫松警告称，油价上涨和韩元贬值可能会推高通胀。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/ef44fcaac9df03a9dceb93a07088fc4e182ae4b3daf815cd1cd87f3e42f450ca/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/ef44fcaac9df03a9dceb93a07088fc4e182ae4b3daf815cd1cd87f3e42f450ca?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>South Korea’s precarious balancing act</h3>
<div class="lb-trans"><h3>韩国的脆弱平衡</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/adccc65cce15be009584010cb236a1eb880a8b1e89d62a254a6d42be789a948b/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/adccc65cce15be009584010cb236a1eb880a8b1e89d62a254a6d42be789a948b?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>South Korea surpasses UK to become world’s 8th largest stock market</h3>
<div class="lb-trans"><h3>韩国超越英国成为全球第八大股市</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/262dde89dab41a3ed1fffdd21cf8916ce9a75e4ef8d77f9fdb2ce11a0105a43e/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/262dde89dab41a3ed1fffdd21cf8916ce9a75e4ef8d77f9fdb2ce11a0105a43e?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>South Korea economic growth tops all estimates on AI-fuelled export boom</h3>
<div class="lb-trans"><h3>韩国经济增长超出所有预期，受 AI 驱动的出口繁荣推动</h3>
</div><p>Still, Shin also warned that higher prices could weigh on growth at a time when domestic demand is already somewhat fragile.</p>
<div class="lb-trans"><p>不过，申泫松也警告称，价格上涨可能会在国内需求已经相对脆弱的情况下对增长造成压力。</p>
</div><p>Policymakers have kept the benchmark rate at 2.5 per cent since July last year, maintaining a pause as they balance inflation risks against concerns over growth and financial stability. At the latest meeting in April, the central bank emphasised a data-dependent approach.</p>
<div class="lb-trans"><p>自去年 7 月以来，政策制定者将基准利率维持在 2.5%，在平衡通胀风险与对增长和金融稳定的担忧时保持暂停。在 4 月份的最新会议上，中央银行强调了以数据为依赖的政策。</p>
</div><p>With cost pressures building and expectations rising, the risk is that inflation proves more persistent, potentially limiting the central bank’s ability to support growth even as domestic demand weakens. BLOOMBERG</p>
<div class="lb-trans"><p>随着成本压力加大和预期上升，通胀可能会更加持久，这可能限制中央银行在国内需求减弱的情况下支持增长的能力。彭博社</p>
</div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.</p>
<div class="lb-trans"><p>解码亚洲通讯：您在新的全球秩序中驾驭亚洲的指南。点击此处注册以获取解码亚洲通讯，直接发送到您的邮箱，免费。</p>
</div>

South Korea’s inflation accelerates on higher oil price impact

- 韩国 4 月份消费者价格同比上涨 2.6%，为自 2024 年 7 月以来最快。  
- 核心通胀上涨 2.2%，尽管外部成本冲击加剧，潜在价格压力仍受控。  
- 进口价格大幅攀升和油价上涨加重国内通胀压力，可能促使收紧政策。

由于油价上涨的影响，韩国的通货膨胀加速