South Korea's statistics office with the data for April 2023:
- CPI + 0.2% m/m (expected +0.25%, February was 0.2%)
- CPI +3.7% y/y (expected 3.75%, prior 4.2%), this is the third consecutive decline on a y/y basis
- Core CPI +4.0% (prior +4.0%)
While inflation is still above target the slowing is further support for the contention that the Bank of Korea rate hike cycle is over.
BoK base rate moves:
