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SOUTH KOREA:  Inflationary Pressures Still Moderating. 

SOUTH KOREA
EM BulletBulletSouth KoreaAPACEmerging Market News
  • Korea’s MoM CPI declined -0.3% and y/y printed at +1.5%.
  • The y/y release was up on October, but missed expectations of +1.7%.
  • Inflation remains below the BOK target of 2%.
  • Following on from back to back rate cuts taking rates to 3.0%, the inflation print points to the challenges for the economy ahead.
  • The market at present is now pricing in -86bps of cuts over the next 12 months, which could indicate a more bearish outlook for Asia in general, not just for Korea.
  • At the most recent BOK meeting, they revised their 2025 inflation outlook to +1.9%.
  • Today’s print indicates the challenges meeting that +1.9% forecast and could be the start of further revisions downward.
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  • Korea’s MoM CPI declined -0.3% and y/y printed at +1.5%.
  • The y/y release was up on October, but missed expectations of +1.7%.
  • Inflation remains below the BOK target of 2%.
  • Following on from back to back rate cuts taking rates to 3.0%, the inflation print points to the challenges for the economy ahead.
  • The market at present is now pricing in -86bps of cuts over the next 12 months, which could indicate a more bearish outlook for Asia in general, not just for Korea.
  • At the most recent BOK meeting, they revised their 2025 inflation outlook to +1.9%.
  • Today’s print indicates the challenges meeting that +1.9% forecast and could be the start of further revisions downward.