Inflation slows down in South Korea

SHAFAQNA TURKEY-South Korea Consumer prices rose 4.8 percent in February compared to the same month last year, according to the Bureau of Statistics.

Inflation, which exceeded expectations in the first month of 2023 in South Korea, slowed its growth in the second month. Consumer prices rose 4.8 percent in February compared to the same month in 2023, according to a statement from the South Korean Bureau of Statistics. last year.

Market expectations were that inflation, which stood at 5.2 percent the previous month, would ease to 5.0 percent, with inflation still well above the Central Bank of South Korea’s (BOK) target of 2.0 percent.

The Central Bank of South Korea (BoK) raised its interest rate by a total of 325 basis points in an increase process launched in August 2021 to fight inflation. The Bank of Kazakhstan suspended the rate hike process at its meeting last month.

On a monthly basis, consumer prices rose 0.3 percent, beating market expectations.

Market expectations were that inflation would increase by 0.4 percent on a monthly basis. Core inflation in the country increased by 0.3 percent per month and by 4.0 percent per year.

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