By contrast, a year ago the cost of living adjustment was 5.8percentt, reflecting strong inflation and high energy prices.
"Korea missed a window of opportunity last year when growth was strong, inflation was low, and there was tremendous interest in bidding for Korean assets," Mr. Tao said.
Growth is strong, inflation falling, employment rising, and the National Institute Economic Review notes in its latest report: "Currently there seems to be little inflationary pressure from the labour market".
After years of macroeconomic instability, growth has been steady and strong, inflation has been controlled and foreign investment has shot up.
Turkey's central bank failed to raise rates today, despite strong inflation, a big current account deficit and a weak lira.
"Something we did not expect to happen has happened," said Lawrence Meyer, a fellow at the Center for Strategic and International Studies and a former Fed governor, noting the surprisingly strong inflation of the last four months.
But Mr. McCarthy said that interest rates should move higher again because the economy is still strong, inflation has not yet faded and the Fed will still be raising its benchmark rate -- which is now 1.25percentt -- in the months ahead.
"With expected strong inflation numbers tomorrow, that's drawing the market's focus back to the economy" and away from trading off the stock market, said Dawn Baillie, who manages $1 billion at John Hancock Funds in Boston.
So far, the mysterious virus — believed to cause an unusually deadly form of an infection known as blue-ear pig disease — has spread to 25 of this country's 33 provinces and regions, prompting a pork shortage and the strongest inflation in China in a decade.
Growth was strong, inflation was low, and productivity growth was very rapid.
