South Korea's inflation expected to gain speed in late 2023

The Bank of Korea (BOK) said in its price stability report that consumer price inflation was forecast to fall to the 2 percent range by the middle of this year due to the base effect, which means last year's inflation stayed relatively high, while remaining below the core inflation for the time being.

South Korea's headline inflation slowed to 3.3 percent in May on a yearly basis after peaking at 6.3 percent in July last year, topping the BOK's mid-term target of 2 percent for over two years.