Korea Inflation


Inflation eases in February

In February, consumer prices added 0.3% over the previous month, which was below the 0.6% increase recorded in January. Annual inflation inched down from 1.5% in January to 1.4% in February, which defied market expectations that had inflation rising to 1.6%.

The core inflation index, which excludes more volatile items such as fresh food and energy, rose 0.2% over the previous month, following the 0.4% increase observed in January. Annual core inflation, inched up from 1.2% in January to 1.3% in February.

The Central Bank sees annual average inflation at 2.5% this year. For 2014, the Bank expects inflation to average 2.8%. FocusEconomics Consensus Forecast panellists expect inflation to average 2.6% in 2013, which is unchanged from last month's forecast. According to the panel, average inflation will reach 3.0% in 2014.


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Korea Inflation Chart

Korea Inflation February 2013

Note: Month-on-month and year-on-year variation of consumer price index in %.
Source: KOSTAT-KOSIS and FocusEconomics calculations.

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