South Korea's inflation fell to 1.6% in September, marking the first decline below 2% target since March 2021.

In September, South Korea's consumer price inflation fell to 1.6%, marking the first decline below the 2% target since March 2021. The drop was driven by a 7.6% decrease in oil product prices and a slowdown in transport costs. This is the lowest inflation rate since February 2021. The government anticipates reaching the 2% target by the end of 2024, while discussions of a possible interest rate cut are expected at the Bank of Korea's upcoming meeting on October 11.

October 02, 2024
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