Korea Inflation December 2018


Korea: Inflation moderates in December

December 31, 2018

Consumer prices decreased 0.3% month-on-month in December, a less-pronounced drop than in November, when prices fell 0.7%. In December, lower prices came on the back of cheaper alcoholic beverages and tobacco, transport, communication, and recreation and culture.

Inflation moderated notably in December, falling from 2.0% in November to 1.3%, partly due to lower oil prices and a fuel tax cut. This represented a a five-month low and was below the Bank of Korea’s 2.0% target. Core inflation, which excludes fresh food and energy prices, slowed to 1.1% in December from 1.2% in November. Annual average inflation, meanwhile, was unchanged at 1.5% in December.

FocusEconomics Consensus Forecast panelists expect inflation to average 1.8% in 2019, which is down 0.1 percentage points from last month’s forecast. In 2020, the panel expects inflation to also average 1.8%.

Author:, Economist

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Korea Inflation Chart

Korea Inflation December 2018

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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