Inflation in Korea
Korea - Inflation
Inflation drops in February to lowest level since August 2016
Consumer prices increased 0.4% in February compared to the previous month, contrasting the 0.1% decrease in January. In February, higher prices came on the back of more expensive housing, water, electricity, gas and other fuels, and food and non-alcoholic beverages. Cheaper transport, however, limited overall price gains.
Inflation moderated to 0.5% in February from 0.8% in January, falling further below the Bank of Korea’s 2.0% target and hitting the lowest level since August 2016. Core inflation, which excludes fresh food and energy prices, picked up to 1.1% in February from 1.0% in January. Annual average inflation, meanwhile, ticked down to 1.4% in February from 1.5% in January.
Korea Inflation Forecast
FocusEconomics Consensus Forecast panelists expect inflation to average 1.5% in 2019, which is down 0.2 percentage points from last month’s forecast. In 2020, the panel expects inflation to also 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 | 1.99 | 1.55 % | Mar 11 |
| Exchange Rate | 1,134 | 0.21 % | Mar 11 |
| Stock Market | 2,138 | -0.40 % | Mar 11 |
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Economic News
Korea: BOK confirms strong economic growth in Q4 2018
March 5, 2019
A second GDP release from the Bank of Korea confirmed the economy grew 3.1% in the fourth quarter of last year compared to the same quarter a year earlier.
Korea: Inflation drops in February to lowest level since August 2016
March 5, 2019
Consumer prices increased 0.4% in February compared to the previous month, contrasting the 0.1% decrease in January.
Korea: Exports and imports freefall in February
March 4, 2019
Merchandise exports fell 11.1% year-on-year in February—a more pronounced drop than January’s revised 5.9% fall (previously reported: -5.8% year-on-year)—to total USD 39.6 billion.
Korea: Business conditions worsen in February at fastest pace since June 2015
March 4, 2019
The manufacturing Purchasing Managers’ Index (PMI), produced by Nikkei and reported by IHS Markit, fell to a 44-month low of 47.2 in February, down from 48.3 in January.
Korea: Bank of Korea holds interest rates steady in February
February 28, 2019
At its 28 February monetary policy meeting, the Bank of Korea held the base rate steady at 1.75%, as had been expected by market analysts.
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