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Korea: Inflation slows in September - ING

FXStreet (Delhi) – Tim Condon, Chief Economist at ING, notes that the Korean CPI inflation slowed to 0.6% YoY in September from 0.7% in August (consensus 0.8%).

Key Quotes

“We consider our 0.5% full-year inflation forecast subject to upside risk (year-todate 0.6%, BOK 0.9%, Bloomberg consensus 0.8%). Supply factors contributed via the food and transport components.”

“The seasonal clawback of the Chusok-related bounce in the household furnishings component was the largest in three years, which we consider evidence of muted inflation expectations.”

“Core inflation was unchanged in September at August’s 2.1%. However, at 2.1% YTD it was up from 2.0% in 2014, which looks consistent with survey-based expected inflation being stuck at 2.5% since March. We infer from the stable core inflation that when the disinflationary effect of falling commodity prices on headline CPI fades it will rise to converge core inflation.”

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