Korea: Inflation drops to lowest level since October 2021 in January
Consumer prices increased 0.62% in January over the previous month, accelerating from December’s 0.16% increase. January’s result was the highest reading since January 2021. Looking at the details of the release, food and non-alcoholic beverages prices rose at a quicker pace in January compared to the previous month, while price pressures for transportation decreased at a slower rate.
Inflation came in at 3.6% in January, which was down from December’s 3.7%. January’s reading marked the weakest inflation rate since October 2021. Meanwhile, the trend pointed up mildly, with annual average inflation coming in at 2.7% in January (December: 2.5%). Finally, core inflation rose to 3.0% in January, from the previous month’s 2.7%.