South Korea’s Consumer Prices Rise 0.6% on Year in September

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The FINANCIAL — South Korea’s consumer price index gained 0.6% on the year in September–still far below the central bank’s target band, data showed on October 2, according to Nasdaq.

The September reading, a marginal slowing from the previous month’s 0.7% gain, missed the median forecast of economists who predicted inflation would reach 0.9%.

Compared with the prior month, the index fell 0.2% in September, also missing the poll’s median forecast for a 0.2% increase. The index also gained 0.2% in August.

Core CPI, which strips out volatile energy and food prices, rose 2.1% on year in September, maintaining the same pace as in August. The index fell 0.1% on month in September, compared with the previous month’s 0.2% gain.

The latest readings are far below the Bank of Korea’s annual inflation target band of 2.5% to 3.5%.

The central bank is under pressure to lower the band, as it plans later this year to set a new target range to be applied from 2016.

 

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