Inflation in Korea
Korea - Inflation
Inflation inches up in April
Consumer prices rose 0.4% in month-on-month terms in April, contrasting the 0.2% fall registered in March. The increase was largely due to a sharp rise in transport costs and higher prices for food and non-alcoholic beverages, and recreation and culture.
Inflation ticked up to 0.6% in April from March’s over two-and-a-half-year low of 0.4%, defying market expectations of a steady reading. Nevertheless, inflation remains well below the Bank of Korea’s 2.0% target. Core inflation, which excludes fresh food and energy prices, edged up to 0.9% in April from 0.8% in March. Meanwhile, annual average was stable at 1.3%.
Inflationary pressures are expected to pick up only modestly in the quarters ahead, supported by the expiration of a temporary fuel tax cut and a gradual rise in global oil prices. Nevertheless, lower housing rental prices, sluggish economic momentum and soft employment growth will likely put downward pressure on prices.
FocusEconomics Consensus Forecast panelists expect inflation to average 1.2% in 2019, which is down 0.1 percentage points from last month’s forecast. In 2020, the panel expects inflation to average 1.7%.
Korea - Inflation Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Inflation Rate (CPI, annual variation in %) | 1.3 | 1.3 | 0.7 | 1.0 | 1.9 |
Korea Inflation Chart
Source: Korea National Statistics Office and FocusEconomics calculations.
Korea Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.87 | 1.55 % | May 13 |
| Exchange Rate | 1,188 | 0.21 % | May 13 |
| Stock Market | 2,079 | -0.40 % | May 13 |
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Economic News
Korea: Inflation inches up in April
May 2, 2019
Consumer prices rose 0.4% in month-on-month terms in April, contrasting the 0.2% fall registered in March.
Korea: Manufacturing sector returns to expansionary territory in April
May 2, 2019
The manufacturing Purchasing Managers’ Index (PMI), produced by Nikkei and reported by IHS Markit, recovered in April, rising to 50.2 from 48.8 in March.
Korea: Export contraction softens in April
May 1, 2019
Merchandise exports fell 2.0% over the same month last year in April to a total of USD 48.9 billion, following the 8.2% contraction logged in March (USD 47.1 billion).
Korea: Industrial production wobbles again in March
April 30, 2019
Industrial production in the mining, manufacturing, and gas and electricity sectors dipped 2.8% over the same month a year prior in March, following the revised 3.4% decline registered in February (previously reported: -2.7% year-on-year).
Korea: Forward-looking manufacturing business confidence remains entrenched in pessimism in May
April 30, 2019
The Bank of Korea’s forward-looking business confidence indicator (BSI) for manufacturers ticked up to 77 in May from 76 in April, while confidence in the non-manufacturing sector also improved slightly from 76 to 77.
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