Korea Inflation

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Korea: Annual headline inflation decelerates in November

December 2, 2014

In November, consumer prices fell 0.20% over the previous month, which was slightly up from the 0.30% drop tallied in October. The monthly decrease reflected lower prices for food and non-alcoholic beverages as well as for transport, recreation and culture. Conversely, prices for clothing and footwear increased over the previous month, whereas prices for alcoholic beverages and tobacco, health, and education remained unchanged compared to October.

November annual headline inflation inched down to 1.0% in November from 1.2% in October. Annual average inflation remained unchanged at 1.3% for the third consecutive month.

Core consumer prices, which exclude fresh food and energy prices, rose 0.05% over the previous month, which contrasted the 0.01% drop observed in October. Regarding annual figures, core inflation edged down from 1.8% in October to 1.7% in November.

The Central Bank expects an annual average inflation of 1.4% in 2014 and of 2.4% in 2015. FocusEconomics Consensus Forecast panelists expect inflation to average 1.5% in 2014, which is down 0.1 percentage points from last month’s forecast. In 2015, the panel expects average inflation to reach 2.0%, which is down 0.3 percentage points from last month’s Consensus.


Author:, Economist

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Korea Inflation Chart


Korea Inflation November 2014

Note: Month-on-month and year-on-year changes of consumer price index in %.
Source: National Statistics Office of Korea (KOSTAT)


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