Inflation in Korea
Korea - Inflation
Inflation recedes in December
Consumer prices rose 0.16% from the previous month in December, swinging from the 0.10% fall logged in November. The rebound was broad-based, with greater price pressures recorded for housing and utilities, transportation, and food and non-alcoholic beverages. In addition, prices for recreation and culture fell at a more modest pace.
Inflation came in at 0.5% in December, following November’s 0.6%. Accordingly, the trend pointed down mildly, with annual average inflation coming in at 0.5% in December (November: 0.6%). Lastly, core inflation fell to 0.9% from November’s 1.0%.
FocusEconomics panelists project inflation averaging 1.1% in 2021, which is unchanged from last month’s forecast, and 1.4% in 2022.
Korea - Inflation Data
|Inflation Rate (CPI, annual variation in %)||0.7||1.0||1.9||1.5||0.4|
5 years of economic forecasts for more than 30 economic indicators.
Korea Inflation Chart
Source: Korea National Statistics Office and FocusEconomics calculations.
|Bond Yield||1.68||1.55 %||Dec 31|
|Exchange Rate||1,156||0.21 %||Dec 31|
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January 15, 2021
At its meeting on 15 January, the Bank of Korea (BOK) kept the base rate at its record low of 0.50%, in line with market expectations. The Bank’s decision to hold came amid a rise in Covid-19 cases which is supressing activity at home.
January 4, 2021
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) remained unchanged at November’s 52.9 in December, remaining above the 50-threshold that separates an improvement from a deterioration in the manufacturing sector over the previous month. The reading was led by slightly slower, but still solid, rises in output and new orders, supported by improved demand for vehicles and the recovery in external demand driven by trading partners such as Japan and China.
January 1, 2021
Merchandise exports shot up 12.6% over the same month last year in December amid solid IT demand, following November’s 4.1% increase.
December 31, 2020
Consumer prices rose 0.16% from the previous month in December, swinging from the 0.10% fall logged in November.
December 30, 2020
Industrial production increased 0.5% in November in annual terms (October: -2.0% yoy).