SEOUL, July 1, 2024 — South Korea’s Consumer Price Index (CPI) surprised economists with an unexpected decrease in June, exhibiting a month-over-month change of -0.2%, based on the latest data update. This follows a relatively stagnant previous indicator of 0.1% in May 2024.
The latest data reveals a reversal in price movement trends, reflecting a decrease in inflationary pressures within the South Korean economy. The CPI, a key metric for assessing the average change over time in the prices paid by consumers for a market basket of goods and services, showed a downward trend when compared to the previous month.
The shift to -0.2% from May’s 0.1% could signal various underlying factors impacting consumer prices, potentially including lower energy prices, decreased consumer demand, or adjustments in market supply chains. Market watchers and analysts will be keenly observing subsequent data to gauge whether this downtrend is a momentary fluctuation or indicative of broader economic developments.
