Inflation data out of SK, slightly higher

May consumer price index +2.6% y/y (Reuters poll +2.6%)

  • fastest growth y/y since April 2012
  • +0.1% mth/mth (poll +0.1%)

Core CPI +1.2% y/y vs +1.1% in April

  • May core CPI fastest growth y/y since November 2018

Official commentary says the higher inflation is due to base effects, will make efforts to block any excessive inflation expectations. That 1.2% core rate won't be causing too much central bank concern you wouldn't think.