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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 Korean CPI eased further in April, albeit in line with market expectations. The m/m printed at 0.2%, while y/y was 3.7%. Note the prior y/y read was 4.2% and the July 2022 peak was 6.3%. So, headline pressures continued to ease. Core inflation also moderated to 4.6% y/y, from 4.8% prior. The recent peak in Jan was 5.0%, so again signs of moderating pressures, but not to the same degree as the headline. Note core CPI was up 0.4% in the month, after rising 0.2% in March.
- The results will likely be welcomed by the South Korean authorities, albeit moving in the direction they expected. It is also in line with easing consumer inflation expectations.
- The Finance Minister Commented after the release that inflation and geopolitical uncertainties remain.
- The BoK Mins are out later from the April meeting, where the central bank held steady. It will update its inflation forecast at the May meeting (currently looking for headline at 3.5% in 2023).
Fig 1: Headline & Core CPI Y/Y Momentum Eases Further
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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