SEOUL - South Korea's consumer inflation picked up in December but its full-year reading set a record low as consumer demand remained shaky, reinforcing expectations that the central bank will need to cut interest rates again next year.
Still, the average rate of inflation for all of 2019 came to a record-low 0.4 per cent, compared with 1.5 per cent in 2018, as pessimistic consumer and corporate demand as well as good weather conditions pressured price growth across the board. "The fading effects from the low price levels and a likely economic recovery will help boost inflation next year but I think the low inflation pattern will persist for a while," said Park Sang-hyun, chief economist at Hi Investment & Securities.
Source: Loan Digest (loandigest.net)
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