Korea Inflation December 2017


Korea: Inflation accelerates in December

December 28, 2017

Consumer prices rose 0.3% in December from the previous month. The result, which followed the 0.7% month-on-month decrease recorded in November, was primarily driven by higher prices for food and non-alcoholic beverages, clothing and footwear, and transport. Market analysts were expecting a more moderate 0.2% increase in December.

The inflation rate accelerated from 1.3% in November—the lowest rate since August 2016—to 1.5% in December, closing in on the Bank of Korea’s 2.0% target rate and meeting market analysts’ expectations. Higher oil prices helped stoke inflation in December.

The core inflation rate, which excludes fresh food and energy prices, came in at 1.5% in December, above the 1.2% recorded in November. Annual average inflation held steady at 1.9% in December.

Korea Inflation Forecast

FocusEconomics Consensus Forecast panelists expect inflation to average 1.9% in 2018, which is down 0.1 percentage points from last month’s forecast. In 2019, the panel expects inflation to average 2.0%.

Author:, Economist

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Korea Inflation Chart

Korea Inflation December 2017

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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