In August, consumer prices added 0.91% over the previous month, which was above the 0.66% rise recorded in July and exceeded the 0.35% increase observed in August 2010. Prices for food and non-alcoholic beverages, which added 2.99% compared to the previous month, were the main drivers behind the reading. As a consequence of the monthly price spike, annual inflation jumped from 4.7% in July to 5.3% in August, exceeding market analysts' expectations of inflation rising to 4.8% and reaching the highest level since August 2008. With August's result, annual inflation remained above the Central Bank's target of 3.0% 1.0 percentage points for the eighth consecutive month. The core inflation index, which excludes more volatile items such as fresh food and energy, added 0.34% over the previous month, which was in line with the result observed in July but above the 0.17% rise recorded in August 2010. Consequently, annual core inflation picked up from 3.8% in July to 4.0% in August. The Central Bank expects inflation to end the year at 4.0% in 2011, before stepping down to 3.4% by the end of 2012.
Inflation soars in August to a two-year high
September 1, 2011
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Korea Economic News
October 13, 2016
At its 13 October monetary policy meeting, the Bank of Korea (BoK) announced that it will hold the base rate constant at a record low of 1.25%, which was largely in line with market expectations.
October 5, 2016
In September, consumer prices rose 0.6% over the previous month, which contrasted the 0.1% decrease in August and overshot the 0.2% increase the markets had expected.
October 3, 2016
Korea’s Customs Services reported that exports totaled USD 40.9 billion in September, which represented a 5.9% contraction over the USD 43.4 billion recorded in the same month last year.
September 30, 2016
In August, industrial production accelerated and expanded 2.3% year-on-year, which was up from both the 1.6% increase registered in July and the 1.6% rise the markets had expected.
September 30, 2016
Activity in Korea’s manufacturing sector deteriorated significantly in Q3.