Korea Inflation

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Korea: Annual headline inflation drops to a record low in December

December 31, 2014

In December, inflation recorded a flat reading over the previous month, which was slightly up from the 0.2% drop tallied in November. December’s result reflected that higher prices for food and beverages, and recreation and culture were offset by lower prices for clothing and footwear, as well as for transportation. Prices for alcoholic beverages remained unchanged compared to the previous month.

Annual headline inflation inched down from 1.0% in November to 0.8% in December. December’s reading slightly undershot the 0.9% that markets had expected, and marked a record low. Annual average inflation remained unchanged at 1.3% for the fourth consecutive month.

Core consumer prices, which exclude fresh food and energy prices, rose 0.12% in December over the previous month, which was up from the 0.05% tallied in November. Regarding annual figures, core inflation remained unchanged at November’s 2.0%.

The Central Bank expects an annual average inflation of 2.4% in 2015. FocusEconomics Consensus Forecast panelists expect inflation to average 1.9% in 2015, which is down 0.1 percentage points from last month’s forecast. In 2016, the panel expects average inflation to reach 2.3%.


Author:, Economist

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Korea Inflation Chart


Korea Inflation December 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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