---South Korea's headline inflation cooled more than expected in July, but a jump in core prices and official warnings over lingering risks kept policymakers cautious. Summary:South Korea's CPI rose 2.8% year-on-year in July, below the Reuters poll forecast of 3.0% and down from 3.2% in June, marking a three-month low. Core CPI, which excludes volatile food and energy prices, rose 2.6% year-on-year, up from 2.5% in June and the fastest pace since December 2023. Despite the softer headline number, officials signalled they remain watchful. That acceleration is likely to keep the Bank of Korea attentive to inflation risks even as headline price growth cools.