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Korea Inflation September 2022

Korea: Inflation declines to lowest level since May in September

Inflation ticked down to 5.6% in September, from August’s 5.7%. September’s figure marked the weakest inflation rate since May. Looking at the details of the release, the change in prices for housing and utilities was largely steady in September and prices for food and transportation rose at a slower pace.

Annual average inflation rose to 4.7% in September (August: 4.4%). Meanwhile, core inflation rose to 4.1% in September, from August’s 4.0%.

Lastly, consumer prices rose 0.29% in September over the previous month, swinging from August’s 0.11% drop.

Analysts at Nomura commented on the outlook:

“We view September’s inflation data a sign that inflation has already peaked, although the inflation path remains highly uncertain. We expect falling gasoline prices and moderating private consumption to offset higher electricity & gas prices and the inflationary pressures from KRW weakness. We expect inflation to fall to 5.1% y-o-y in Q4 from 5.9% in Q3.”

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