Korea inflation rate 2013. Inflation Rate in 2013 2022-12-11
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In 2013, the inflation rate in South Korea was relatively low, averaging at around 1.7% for the year. This was a significant improvement from the previous year, when the inflation rate had reached a high of 3.2%. The low inflation rate in 2013 was due to a number of factors, including a slowdown in economic growth and a decrease in global commodity prices.
One of the main drivers of the low inflation rate in 2013 was the slowdown in economic growth. South Korea's economy had been growing at a strong pace in the preceding years, but in 2013 it began to slow down. This was due to a number of factors, including a slowdown in global demand for South Korean exports and a decrease in domestic consumption. As a result, there was less upward pressure on prices, and the inflation rate remained low.
Another factor contributing to the low inflation rate in 2013 was the decrease in global commodity prices. South Korea is heavily reliant on imported raw materials and energy, and fluctuations in the prices of these commodities can have a significant impact on the country's inflation rate. In 2013, there was a sharp decline in the prices of many commodities, including oil, which helped to keep the inflation rate in check.
Overall, the low inflation rate in 2013 was a welcome development for South Korea, as it helped to keep consumer prices stable and allowed the country's central bank to maintain a low interest rate environment. This, in turn, supported economic growth and helped to keep the economy on a stable footing.
South Korea
South Korea Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2022. Inflation Rate in South Korea is expected to be 5. The Laspeyres formula is generally used. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Depending on the data available, results can be obtained by using the Consumer Price Index CPI formula or the compound interest formula. In the long-term, the South Korea Inflation Rate is projected to trend around 4. Overall, the price increase was 8,574.
On a monthly basis, the South Korean CPI rose by 0. Inflation rate is 232. Inflation South Korea 2013 Inflation South Korea 2013 CPI - The inflation chart and table below feature an overview of the South Korean inflation in 2013: CPI South Korea 2013. International Monetary Fund, International Financial Statistics and data files. If you use our datasets on your site or blog, we ask that you provide attribution via a link back to this page. Published rates of inflation will vary depending on methodology.
For further info, see the South Korea's low inflation High rates of inflation are undesireable, just like low rates, and South Korea is currently struggling with the latter. In 2021, the average inflation rate in South Korea amounted to about 2. Rising Inflation and Interest Rates: As a result of rising inflation rates in both developing and advanced economies,. The inflation rate in South Korea between 2013 and today has been 17. Consumer inflation in South Korea was at 5 percent year-on-year in December of 2022, in line with expectations and remaining unchanged from the seven-month low from the prior month as lower energy prices and a slower economy drove price growth to steadily decline from the 6. Usually this is a sign of political and economic turmoil. It is calculated as the rate of change in prices in a specific period of time.
These values can be useful for long-term analysis and forecasting. Core inflation averaged 1. Special thanks to QuickChart for their in2013dollars. Please check your download folder. Breaking down these categories helps explain the main drivers behind price changes. For comparison, in the UK £1. All calculations are performed in the local currency KRW and using 6 decimal digits.
. This information is particularly useful to track inflation for the current year as it's not possible to calculate the final value until the year is over. The following table contains recent YoY Year-over-Year and MoM Month-over-Month values. Consumer prices rose 5. Results show only up to 2 decimal digits to favour readability. Chicago, Illinois experienced the lowest rate of inflation during the 1 years between 2012 and 2013 1.
Inflation, consumer prices for the Republic of Korea (FPCPITOTLZGKOR)
The difference in CPI between the years is used by the Bureau of Labor Statistics to officially determine inflation. Backlinks from other websites and blogs are the lifeblood of our site and are our primary source of new traffic. Using the tabs you can switch between the 2013 CPI inflation overview and the 2013 HICP inflation overview. This means that today's prices are 488. Inflation rates in South Korea The inflation rate for consumer prices in South Korea moved over the past 61 years between 0. The Laspeyres formula is generally used. The 2013 inflation rate is lower compared to the average inflation rate of 2.
Inflation in 2019 reached a low of 0. The PCE Price Index changed by 1. Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. Amid geopolitical turmoil and subdued domestic growth, inflation stood at 1. Factors that Impact Inflation Rate Some of the major factors affecting consumer prices are government policies, money supply, consumer spending, employment levels, high disposable income, and wage levels.
In other words, a won will pay for fewer items at the store. Purchasing power decreased by 1. On a monthly basis, consumer prices increased 0. The current inflation rate in South Korea is 5. Global Inflation Global inflation is a measure of the average annual rate of growth increase in national prices across all countries. GlobalData forecasts that the world economy will grow at a slower pace of 3.
