Korea Inflation

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Korea: Annual headline inflation drops in February to lowest level since 1999

March 3, 2015

In February, consumer prices registered no change over the previous month, which was down from the 0.5% increase tallied in January. February’s print reflected that much lower prices for transport due to the low cost of fuel were offset by higher prices for household items and for food and non-alcoholic beverages.

Annual headline inflation declined from 0.8% in January to 0.5% in February. The reading undershot the 0.7% that markets had expected and marked the lowest reading since 1999. Annual average inflation ticked down from 1.3% in January to 1.2% in February.

Core consumer prices, which exclude fresh food and energy prices, rose 0.10% in February over the previous month, which was down from the 0.94% tallied in January. Regarding annual figures, core inflation inched up from December’s 2.0% to 2.1%.

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 1.6% in 2015, which is down 0.3 percentage points from last month’s forecast. In 2016, the panel expects average inflation to reach 2.2%.


Author:, Economist

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Korea Inflation Chart


Korea Inflation February 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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