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Free AccessCPI Prints Multi-Decade Highs, But Mostly In Line With Expectations
South Korea CPI printed close to expectations, 0.5% for MoM (versus 0.4% expected), while the YoY pace was 6.3%, in line with market expectations. The core print came in at 4.5% YoY, also in line with market forecasts.
- Whilst headline inflation is at multi-decade highs, it is the first in line with expectations outcome since December of last year. For the first 6 months of this year the YoY prints had all come in stronger than market expectations (by an average of 0.22ppts).
- Core momentum edged higher from 4.4% last month, but we remain below the late 2008 highs of +5.5% for now.
- The next BoK meeting is on the 25th of August and the central bank is expected to hike again, although comments yesterday from Governor Rhee indicate a 25bps move is likely to be preferred to another 50bps hike.
- We may have needed to see a further sharp upside surprise on inflation today to make the case for a 50bps move. The Korean authorities have stated inflation is expected to remain above 6% for a number of months.
- Note the BoK minutes are also out today from the last policy meeting.
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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.