Korea Inflation

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Korea: Annual headline inflation drops further in March, at lowest level since 1999

April 1, 2015

In March, consumer prices registered no change over the previous month, which matched the reading tallied in February. March’s print mainly reflected that lower prices for housing, utilities and gas as well as food and non-alcoholic beverages were offset by higher prices for transport.

Annual headline inflation ticked down from 0.5% in February to 0.4% in March. The reading undershot the 0.6% that markets had expected and marked the lowest reading since July 1999. Annual average inflation ticked down from 1.2% in February to 1.1% in March.

Core consumer prices, which exclude fresh food and energy prices, rose 0.2% in March over the previous month, which was up from the 0.1% tallied in February. Regarding annual figures, core inflation decreased from 2.3% in February to 2.1% in March.

The Central Bank expects annual average inflation of 1.9% in 2015 and 2.6% in 2016. FocusEconomics Consensus Forecast panelists expect inflation to average 1.3% in 2015, which is down 0.2 percentage points from last month’s forecast. In 2016, the panel expects average inflation to reach 2.0%.


Author:, Economist

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Korea Inflation Chart


Korea Inflation March 2015

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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