Korea: Inflation ticks down in May
Consumer prices increased 0.1% in May from the previous month, according to the National Statistics Office of Korea. The result, which matched the print logged in April, reflected higher prices for healthcare and health products, and furnishings, household equipment and routine maintenance. Lower prices for food and non-alcoholic beverages moderated the increase in May.
Inflation ticked down to 1.5% in May from 1.6% in April, undershooting market analyst expectations of 1.7%. As a result, inflation drifted away from the Bank of Korea’s 2.0% target. Core inflation, which excludes fresh food and energy prices, slowed to 1.3% in May from 1.4% in April. Annual average inflation, meanwhile, remained steady for the third consecutive month at 1.7% in May.