South Korean inflation rises to 1.4% in July

South Korea's inflation rate in July rose 1.4 percent year-on-year on higher housing, water and electricity prices among others, the government said Thursday. The rate as measured by the consumer price index "increased 0.2 percent from the preceding month and rose 1.4 percent from July 2012," Statistics Korea reported on its website. The July increase was the fastest growth in five months. Yonhap News said the July number, however, remained below the central bank's inflation target of 2.5 percent to 3.5 percent in the next two years. The core inflation, which excludes oil and food prices, grew 1.5 percent in July year-on-year, up from 1.4 percent in June, Statistics Korea reported.