Korea Inflation January 2021

Korea

Korea: Inflation rises in January

February 2, 2021

Consumer prices rose 0.76% in January over the previous month, picking up from the 0.16% increase seen in December. January's reading marked the sharpest increase in prices since September 2018. Looking at the details of the release, food and non-alcoholic beverages prices rose at a much quicker pace in January compared to the previous month, while price pressures for transportation also picked up pace. In addition, prices for recreation and culture rebounded following a contraction in the previous month.

Inflation rose to 0.6% in January, from December’s 0.5%. Annual average inflation was unchanged at December's 0.5% in January. Core inflation was unchanged, coming in at December's 0.9% in January.

FocusEconomics panelists project inflation averaging 1.1% in 2021, which is unchanged from last month’s forecast, and 1.4% in 2022.


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Korea Inflation January 2021

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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