<p>[首爾] 隨着能源成本飆升開始更有力地影響國內經濟，韓國的消費者通脹回升，價格漲幅達到自 2024 年 7 月以來的最快速度。</p>
<p>根據數據統計部在 5 月 6 日（星期三）發佈的消息，4 月份消費者價格同比上漲 2.6%，較 3 月份的 2.2% 有所加速。這一結果與彭博社調查中 2.6% 的中位數預期一致。</p>
<p>剔除波動較大的食品和能源後的核心通脹上漲 2.2%，表明儘管外部成本衝擊加劇，但潛在的價格壓力仍然受到控制。</p>
<p>這一強勁的數據突顯了中東地區日益加劇的衝突。3 月份進口價格上漲約 16%，為近三十年來的最快增速，凸顯出持續高企的油價和貨幣貶值正在傳導至國內價格。</p>
<p>在過去兩週，油價上漲超過四分之一，因人們擔心霍爾木茲海峽可能會繼續有效關閉，而美國與伊朗之間的談判似乎進展緩慢。該水道曾是全球約五分之一原油的運輸通道。</p>
<p>在這種背景下，通脹預期有所增強。跟蹤未來一年價格水平預期的指數攀升至 2023 年初以來的最高點，而對未來一年的預期通脹也有所上升，顯示家庭仍然存在持續的擔憂。</p>
<h3>在新的全球秩序中駕馭亞洲</h3>
<p>獲取洞察信息，直接發送到您的郵箱。</p>
<p>4 月份，交通運輸價格同比激增 9.7%，而食品和住宿價格上漲 2.6%。住房和公用事業成本上漲 1.7%，家庭用品和服務上漲 1.9%。</p>
<p>更廣泛的消費者價格上漲保持温和，通信費用上漲 0.6%，食品和非酒精飲料上漲 0.3%。</p>
<p>週三的數據為複雜的經濟形勢增添了更多壓力，可能促使韓國銀行考慮轉向收緊政策。強勁的半導體出口持續支持增長，推動第一季度國內生產總值增長 1.7%，新任行長申泫松警告稱，油價上漲和韓元貶值可能會推高通脹。</p>
<p>另見</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>韓國的脆弱平衡</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>韓國超越英國成為全球第八大股市</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>韓國經濟增長超出所有預期，受 AI 驅動的出口繁榮推動</h3>
<p>不過，申泫松也警告稱，價格上漲可能會在國內需求已經相對脆弱的情況下對增長造成壓力。</p>
<p>自去年 7 月以來，政策制定者將基準利率維持在 2.5%，在平衡通脹風險與對增長和金融穩定的擔憂時保持暫停。在 4 月份的最新會議上，中央銀行強調了以數據為依賴的政策。</p>
<p>隨着成本壓力加大和預期上升，通脹可能會更加持久，這可能限制中央銀行在國內需求減弱的情況下支持增長的能力。彭博社</p>
<p>解碼亞洲通訊：您在新的全球秩序中駕馭亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，直接發送到您的郵箱，免費。</p>

HKOD

韓國 MSCI ETF - iShares

<p>韓國 4 月份的消費者通脹率上升至 2.6%，高於 3 月份的 2.2%，主要受到能源成本飆升和中東地緣政治緊張局勢的推動。核心通脹率保持在 2.2%，表明潛在壓力得到控制。3 月份進口價格飆升 16%，為近三十年來的最高水平，因霍爾木茲海峽的油價飆升引發擔憂。通脹預期上升，運輸成本上漲 9.7%。韓國銀行維持基準利率在 2.5%，在脆弱的國內需求中平衡通脹風險與增長擔憂</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>[首爾] 隨着能源成本飆升開始更有力地影響國內經濟，韓國的消費者通脹回升，價格漲幅達到自 2024 年 7 月以來的最快速度。</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>根據數據統計部在 5 月 6 日（星期三）發佈的消息，4 月份消費者價格同比上漲 2.6%，較 3 月份的 2.2% 有所加速。這一結果與彭博社調查中 2.6% 的中位數預期一致。</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>剔除波動較大的食品和能源後的核心通脹上漲 2.2%，表明儘管外部成本衝擊加劇，但潛在的價格壓力仍然受到控制。</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>這一強勁的數據突顯了中東地區日益加劇的衝突。3 月份進口價格上漲約 16%，為近三十年來的最快增速，凸顯出持續高企的油價和貨幣貶值正在傳導至國內價格。</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>在過去兩週，油價上漲超過四分之一，因人們擔心霍爾木茲海峽可能會繼續有效關閉，而美國與伊朗之間的談判似乎進展緩慢。該水道曾是全球約五分之一原油的運輸通道。</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>在這種背景下，通脹預期有所增強。跟蹤未來一年價格水平預期的指數攀升至 2023 年初以來的最高點，而對未來一年的預期通脹也有所上升，顯示家庭仍然存在持續的擔憂。</p>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中駕馭亞洲</h3>
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<div class="lb-trans"><p>獲取洞察信息，直接發送到您的郵箱。</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，交通運輸價格同比激增 9.7%，而食品和住宿價格上漲 2.6%。住房和公用事業成本上漲 1.7%，家庭用品和服務上漲 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>更廣泛的消費者價格上漲保持温和，通信費用上漲 0.6%，食品和非酒精飲料上漲 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>週三的數據為複雜的經濟形勢增添了更多壓力，可能促使韓國銀行考慮轉向收緊政策。強勁的半導體出口持續支持增長，推動第一季度國內生產總值增長 1.7%，新任行長申泫松警告稱，油價上漲和韓元貶值可能會推高通脹。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</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>韓國的脆弱平衡</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>韓國超越英國成為全球第八大股市</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>韓國經濟增長超出所有預期，受 AI 驅動的出口繁榮推動</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>不過，申泫松也警告稱，價格上漲可能會在國內需求已經相對脆弱的情況下對增長造成壓力。</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 月以來，政策制定者將基準利率維持在 2.5%，在平衡通脹風險與對增長和金融穩定的擔憂時保持暫停。在 4 月份的最新會議上，中央銀行強調了以數據為依賴的政策。</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>隨着成本壓力加大和預期上升，通脹可能會更加持久，這可能限制中央銀行在國內需求減弱的情況下支持增長的能力。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>解碼亞洲通訊：您在新的全球秩序中駕馭亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，直接發送到您的郵箱，免費。</p>
</div>

South Korea’s inflation accelerates on higher oil price impact

- 韓國 4 月份消費者價格同比上漲 2.6%，為自 2024 年 7 月以來最快。  
- 核心通脹上漲 2.2%，儘管外部成本衝擊加劇，潛在價格壓力仍受控。  
- 進口價格大幅攀升和油價上漲加重國內通脹壓力，可能促使收緊政策。

由於油價上漲的影響，韓國的通貨膨脹加速