Inflation in Korea
Korea - Inflation (end of period)
Inflation hits record low in August
Consumer prices increased 0.2% over the prior month in August, contrasting July’s 0.3% fall. Higher prices for food and non-alcoholic beverages, and recreation and culture were chiefly behind August’s uptick.
Year-on-year consumer prices were flat in August, weaker than July’s 0.6% rise, moving further below the Bank of Korea’s 2.0% target and marking an all-time low. Moreover, core inflation, which excludes fresh food and energy prices, edged down to 0.8% from 0.9% in July, while annual average inflation inched down to 1.0% from July’s 1.1%. Weak price pressures can be attributed in part to muted economic activity, and could provide ammunition to the Central Bank to carry out further easing.
FocusEconomics Consensus Forecast panelists expect inflation to average 0.9% in 2019, which is down 0.1 percentage points from last month’s forecast. In 2020, the panel expects inflation to average 1.5%.
Korea - Inflation (eop) Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Inflation Rate (CPI, annual variation in %, eop) | 1.1 | 0.8 | 1.1 | 1.3 | 1.4 |
Korea Inflation (eop) Chart
Source: Korea National Statistics Office and FocusEconomics calculations.
Korea Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.34 | 1.55 % | Sep 04 |
| Exchange Rate | 1,208 | 0.21 % | Sep 04 |
| Stock Market | 1,989 | -0.40 % | Sep 04 |
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Economic News
Korea: Inflation hits record low in August
September 3, 2019
Consumer prices increased 0.2% over the prior month in August, contrasting July’s 0.3% fall.
Korea: Exports continue to dip in August
September 2, 2019
Merchandise exports plunged 13.6% year-on-year in August, sharper than the 11.0% drop recorded in July, totaling USD 44.2 billion in August (July: USD 46.1 billion).
Korea: Manufacturing sector downturn eases in August
September 2, 2019
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) increased to 49.0 in August from 47.3 in July, but remained below the 50-threshold that separates expansion from contraction in the manufacturing sector. Output, employment and new orders all declined in August.
Korea: Industrial production rebounds in July
August 30, 2019
Industrial production year-on-year increased 0.6% in July, contrasting June’s 2.6% fall.
Korea: BOK’s base rate on hold in August
August 30, 2019
At its 30 August monetary policy meeting, the Bank of Korea (BOK) voted to keep the base rate unchanged at 1.50%, as widely anticipated by market analysts.
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