South Korea's July CPI Forecast at 2.92%, Down to 2% Range for First Time Since April

According to Yonhapinfomax's survey of nine domestic and foreign financial institutions on July 29, South Korea's July consumer price index is projected to rise 2.92% year-over-year, marking the first decline to the 2% range in three months following June's 3.2% increase.

Forecasts from surveyed institutions ranged from 2.7% to 3.5%, with analysts attributing the expected decline to falling global oil prices and temporary summer electricity rate reductions. The decline in petroleum product prices and seasonal electricity subsidies are expected to create downward pressure on overall consumer prices.