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Korea Inflation April 2023

Korea: Inflation drops to lowest level since February 2022 in April

Inflation eased to 3.7% in April, below March’s 4.2% and matching market expectations. April’s figure represented the weakest inflation rate since February 2022. The lower print was driven by fuel prices falling for the third consecutive month.

Accordingly, the trend pointed down mildly, with annual average inflation coming in at 5.2% in April (March: 5.3%). Meanwhile, core inflation was unchanged, coming in at March’s 4.0% in April.

Finally, consumer prices increased 0.22% from the previous month in April, accelerating from the 0.16% rise logged in March.

Inflation is set to continue declining ahead this year, with help from a tougher base effect; commodity prices surged in Q2 and Q3 last year after Russia invaded Ukraine, and are currently down steeply year on year. An upside risk is posed by sticky core inflation, which remained at 4.0% for the third consecutive month in April.

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