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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.
SOUTH KOREA
South Korea CPI headline y/y was a touch below expectations. We printed at 4.2%, versus the 4.3% consensus. The m/m was as expected (+0.2%), while core held steady at 4.8% y/y.
- From a headline standpoint we are now comfortably off the July 2022 peak of 6.30% y/y. Still, the detail showed 7 out of 12 sub categories with a firmer y/y pace compared to February.
- Much of the downside in headline appeared to reflect a sharp fall in transport costs, -5.2% y/y, from 0.4% last month.
- So, while the authorities will welcome the continued correction lower in headline y/y momentum, they are likely to be mindful of still sticky underlying inflation pressures. The chart below plots headline and core CPI in y/y terms.
- Note the next BoK meeting is next week on April 11.
Fig 1: South Korea Headline & Core CPI Y/Y
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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