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CPI Steady - Temporary Factors Driving For Now

SOUTH KOREA
  • South Korea’s headline CPI printed at 2.6%, a slight move up from last month and marginally ahead of surveys. M/M was 0.3% (versus -0.2% prior), but in line with expectations.
  • Following a roll back of tax cuts, higher fuel prices contributed to the number and could show this number to be a temporary reprieve from the disinflationary pressures felt throughout Asia.
  • The South Korean Central Bank is in a similar position to most Central Bank’s in the region, waiting for the FED to move. The central bank has an additional challenge of surging house prices in Seoul to contend with.
  • This number will likely cause the Central Bank to pause for several meetings to see how inflation pans out and the moves from the FED before making changes to their policy.
  • Core, ex food and energy was 2.2%, slightly above the 2.1% projected, but in line with June's outcome. This keeps us just above the 2% BoK target for the core metric.
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