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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SOUTH KOREA
South Korea Nov CPI was a little weaker than expected. The m/m headline was -0.6%, versus -0.3% forecast and 0.3% prior. This left the y/y headline at 3.3% (forecast 3.5% prior 3.8%). Core inflation, ex food and energy, was also sub estimates, printing 3.0%y/y (3.1% forecast and 3.2% prior).
- The m/m drag was driven by a 2.6% drop in food prices. Housing/utilities, furnishings, transport and recreation/culture also recorded m/m drops. Clothing and alcohol/tobacco were the main positives.
- In y/y terms, 5 out of 12 sub indices saw firmer y/y momentum, while the rest were down or unchanged on the Oct outcome. This fits with a slightly softer core y/y backdrop.
- The data is likely to give the authorities/BoK some comfort that the recent spike up in the headline y/y CPI is unlikely to be the start of a sharply higher inflation backdrop.
- Other data released showed Q3 GDP revisions unchanged from the original estimate (0.6% q/q and 1.4% y/y).
Fig 1: South Korea CPI Trends
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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