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Korea Inflation January 2024

Korea: Inflation declines to lowest level since July 2023 in January

Inflation dropped to 2.8% in January below December’s 3.2%. January’s figure represented the weakest inflation rate since July 2023. Looking at the details of the release, prices for housing and utilities increased at a softer pace in January and prices for transportation contracted at a broadly steady pace compared to the previous month’s reading. Meanwhile, food and non-alcoholic beverages price growth moderated.

Annual average inflation fell to 3.4% in January (December: 3.6%). Meanwhile, core inflation fell to 2.5% in January, from December’s 2.8%.

Finally, consumer prices rose 0.39% from the previous month in January, accelerating from the 0.04% increase logged in December. January’s uptick was the sharpest increase in prices since September 2023.

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