Inflation in Korea

Korea Inflation | Economic News & Forecasts

Korea - Inflation

Inflation moderates in December

Consumer prices decreased 0.3% month-on-month in December, a less-pronounced drop than in November, when prices fell 0.7%. In December, lower prices came on the back of cheaper alcoholic beverages and tobacco, transport, communication, and recreation and culture.

Inflation moderated notably in December, falling from 2.0% in November to 1.3%, partly due to lower oil prices and a fuel tax cut. This represented a a five-month low and was below the Bank of Korea’s 2.0% target. Core inflation, which excludes fresh food and energy prices, slowed to 1.1% in December from 1.2% in November. Annual average inflation, meanwhile, was unchanged at 1.5% in December.

FocusEconomics Consensus Forecast panelists expect inflation to average 1.8% in 2019, which is down 0.1 percentage points from last month’s forecast. In 2020, the panel expects inflation to also average 1.8%.

Korea - Inflation Data

2013  2014  2015  2016  2017  
Inflation Rate (CPI, annual variation in %)1.3  1.3  0.7  1.0  1.9  

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Korea Inflation Chart

Korea Inflation
Note: Annual variation of consumer price index (CPI) in %.
Source: Korea National Statistics Office and FocusEconomics calculations.

Korea Facts

Bond Yield1.971.55 %Jan 14
Exchange Rate1,1230.21 %Jan 14
Stock Market2,065-0.40 %Jan 14

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