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South Korea Inflation Slows to 3-Month Low
4 Aug
Summary
- Consumer inflation in South Korea reached a three-month low in July.
- The consumer price index rose 2.8% year-on-year in July.
- Falling oil prices contributed to the slowdown in inflation.
South Korea experienced a notable slowdown in consumer inflation during July, reaching its lowest point in three months. The country's consumer price index recorded a 2.8% annual increase, a decrease from the 3.2% recorded in June. This figure was below the 3.0% median forecast from economists polled by Reuters. The month-over-month index actually declined by 0.2%. This deflationary pressure was primarily driven by a substantial 5.5% decrease in the prices of petroleum products. The decline in oil prices has been a key factor in moderating overall consumer price growth in the region.
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