Korea Inflation February 2016


Korea: Inflation rises to 18 month-high in February

March 3, 2016

In February, consumer prices rose 0.5% over the previous month, which came in above the 0.1% rise tallied in January. February’s print mainly reflected higher prices for food and non-alcoholic beverages as well as for clothing and footwear.

Inflation rose from 0.8% in January to 1.3% in February, which marked the highest reading since August 2014. However, inflation remained well below the Central Bank’s target range of 2.5%–3.5%. Annual average inflation inched up from 0.7% in January to 0.8% in February.

Core consumer prices, which exclude fresh food and energy prices, increased 0.3% in February over the previous month, which slightly exceeded January’s 0.2% rise. Regarding annual figures, core inflation rested at January’s 2.1%.

The Central Bank expects annual average inflation of 1.7% in 2016. FocusEconomics Consensus Forecast panelists expect inflation to average 1.4% in 2016, which is unchanged from last month’s forecast. In 2017, the panel expects average inflation to reach 1.9%.

Author: Teresa Kersting, Economist

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Korea Inflation Chart

Korea Inflation February 2016

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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