Korea Inflation October 2020


Korea: Inflation declines to lowest level since June in October

November 3, 2020

Consumer prices fell 0.56% in October over the previous month, contrasting September's 0.66% rise. October's result marked the sharpest fall in prices since April. The decline was mainly driven by a collapse in communication prices due to the government’s phone bill subsidy, which was rolled out recently as part of stimulus efforts.

Inflation eased to 0.1% in October, which was down from September’s 1.0%. October's figure represented the weakest inflation rate since June, and was also driven largely by lower communication prices. Annual average inflation was unchanged at September's 0.5% in October. Lastly, core inflation fell to 0.1% from the previous month's 0.9%.

FocusEconomics panelists project inflation averaging 1.1% in 2021, which is up 0.1 percentage points from last month’s forecast, and 1.4.0% in 2022.


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Korea Inflation Chart

Korea Inflation October 20 20

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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