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South Korea's consumer inflation slowed to 1.5% in November, missing expectations and reinforcing prospects of more rate cuts by the Bank of Korea. The reading, just below the central bank's target, follows two consecutive cuts as policymakers aim to support slowing economic growth.
South Korea Inflation Slows, Boosting Rate Cut Prospects
Inflation as measured by the consumer price index in South Korea declined more than anticipated in November, providing the Bank of Korea with further leeway to reduce interest rates even further after having already completed two consecutive rate reductions, Investing.com reports.
According to figures released by the government on Tuesday, the Consumer Price Index (CPI) increased by 1.5% year-on-year in November. Even though the result was lower than the 1.7% that was anticipated, it was slightly higher than the 1.3% that was recorded in the previous month. The Consumer Price Index figure for October was the lowest since the beginning of 2021.
Bank of Korea Maintains Focus on Economic Growth
Compared to the previous month's reading of 0.1%, the Consumer Price Index (CPI) dropped by 0.3%.
After the Bank of Korea (BOK) unexpectedly lowered interest rates even more and warned of a slowdown in economic growth in the next year, the reading was released just one week later.
Analysts Expect Further Rate Cuts by February
Despite the fact that the annual CPI number remained significantly lower than the BOK's aim of 2%, the likelihood of additional easing by the central bank became more likely as it worked to strengthen economic development.
According to a poll conducted by Reuters, the majority of analysts anticipate that the Bank of Korea will reduce interest rates even lower in February.
