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Korea Inflation October 2023

Korea: Inflation comes in at highest level since March in October

Inflation inched up to 3.8% in October, slightly above September’s 3.7%. October’s reading was the highest inflation rate since March and was above the Central Bank’s expectations. The acceleration was driven by a sharper rise in food and transport prices.

Annual average inflation edged down to 3.9% in October (September: 4.1%). Meanwhile, core inflation fell to 3.2% in October, from September’s 3.3%.

Lastly, consumer prices rose 0.34% from the previous month in October, which was below September’s 0.59% rise. October’s result marked the weakest reading since July.

Inflation should ease over November and December, with price pressures projected to average 2.9% over Q4 as a whole.

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