The Bank of Korea said Wednesday that inflation in September is expected to ease from August as a base effect fades, while underlying price pressures are likely to persist, especially in core items. Deputy Gov. Lee Ji-ho said the August rise was amplified by last year’s telecommunications discount programs, but the upward trend should continue. Government data showed consumer prices rose 3.1 percent in August from a year earlier. Core inflation climbed 3.4 percent, its highest since May 2023.
People shop at a supermarket in Seoul, Sunday. Yonhap
Inflation in September is expected to ease from the previous month as a base effect fades, but underlying price pressures will likely persist, particularly in core items, the central bank said Wednesday.
"In August, the consumer price index rose at a faster rate than the previous month due to a base effect resulting from discount programs by a telecommunications company last year," Deputy Gov. Lee Ji-ho said during a meeting to review inflation trends.
"In September, consumer price growth is expected to be lower than in August as the base effect fades, but the underlying upward trend is expected to continue, particularly in core items."
