The Bank of Korea stated that the 5.2% increase in the consumer price inflation rate in January was "in line with expectations" and forecasted that the inflation rate would remain around 5% in February as well.
On the morning of the 2nd, the Bank of Korea held a price situation review meeting chaired by Deputy Governor Lee Hwan-seok in the 15th-floor conference room of the main building to assess the recent price trends and future inflation outlook.
Deputy Governor Lee explained, "Although the rise in petroleum product prices slowed, the consumer price inflation rate in January was slightly higher than the previous month due to increases in electricity rates and price hikes in agricultural, livestock, and fishery products caused by the cold wave. This is consistent with the expectations at last month's Monetary Policy Committee meeting."
The consumer price inflation rate rose to 5.2% last month after recording 5.0% in both November and December of last year.
The Bank of Korea analyzed that the core inflation rate remained steady compared to the previous month, as the increase in industrial product prices expanded while the rise in dining-out prices slowed. The core inflation rate was 4.1%, the same as in December last year.
Deputy Governor Lee said, "Consumer prices are expected to show an inflation rate around 5% this month as well," adding, "there is high uncertainty regarding future inflation paths due to factors such as international crude oil and raw material price trends following China's reopening, and domestic and global economic conditions."
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