South Korea’s consumer price index (CPI) rose 2.1% year-on-year in July, marking the second consecutive month in the 2% range, Statistics Korea reported Tuesday. The main contributors were elevated prices for processed foods, services and fresh produce, partly offset by continued declines in energy prices. Core inflation — excluding food and energy — held steady at 2% for the second straight month. Month-on-month, prices for food and lodging, as well as fresh fish and vegetables, saw noticeable increases, largely driven by heatwaves and torrential rain.

The Bank of Korea (BOK) describedthe July data as broadly in line with expectations