South Korea"s consumer inflation accelerated to a decade high in November, remaining above the central bank"s 2% target for an eighth straight month and boosting the case for another interest rate hike next month. November consumer prices jumped 3.7% from a year earlier, government data showed on Thursday, hitting the fastest growth since December 2011 and up from a 3.2% rise in October. That beat a 3.1% increase tipped by analysts in a Reuters survey. read more Stronger inflationary pressure is fanning views the Bank of Korea could raise interest rates at its next policy meeting on Jan. 14, as the upward tick of prices proves to be more than transitory. Last week, the BOK raised interest rates for the second time since the pandemic began and revised up its inflation outlook to 2.0% for next year, leaving the door open for further policy tightening. read more In a statement released after Thursday"s data, the BOK said annual inflation could be above its 2.3% forecast made just last week, as supply chain bottlenecks could last longer than expected. "Going forward, consumer inflation will gradually slow with global oil price trend and as the effects of lower fuel tax kick in, but it is expected to exceed the bank"s target level for a considerable time due to supply bottlenecks and stronger demand side pressure," the bank said in the statement. Thursday"s headline inflation reading was lifted by a 35.5% surge in petroleum prices from a year earlier, and a 15% spike in livestock prices. November core CPI, which excludes food and fuel, rose 1.9% from a year earlier after a 2.4% rise in October. Month-on-month inflation rose 0.4%, handily beating a 0.2% decline tipped in the survey. In a separate statement on Thursday, the nation"s finance minister said December inflation may be slower than November"s 3.7% as the oil price is expected to stabilise.