[Economic Outlook] How Much Have Soaring Consumer Prices Increased... Industry Trends and BSI Also Announced

Attention on Whether Consumer Sentiment Improvement Will Continue Amid COVID-19 Resurgence

[Sejong=Asia Economy Reporter Kwon Haeyoung] This week, consumer prices, which have been soaring due to rising international oil prices, will be announced. It is also crucial to see whether consumer sentiment will continue to improve amid the resurgence of COVID-19.

On the 31st, Statistics Korea will release the December and annual consumer price trends. The consumer price inflation rate surged to 3.2% in October and 3.7% in November. In November, it recorded the highest increase in 10 years since December 2011 (4.2%). This reflects the rise in international oil prices, prices of personal services, and agricultural, livestock, and fishery products. Attention is focused on the level at which the annual inflation rate will be recorded.

On the 27th, a foreign economic security strategy meeting will be held, chaired by Deputy Prime Minister and Minister of Economy and Finance Hong Namgi. It is expected that the results of selecting about 200 key items, which the government decided to strengthen management of due to high external dependence, will be finalized.

On the 28th, Statistics Korea will announce the 2020 Small Business Survey and provisional results of the Economic Census, and on the 30th, the November Industrial Activity Trends will be released.

The Bank of Korea will release the Consumer Sentiment Survey results on the 28th and the Business Survey Index (BSI) on the 29th.

With a base interest rate hike expected in the new year, attention is also on what message will be included in the New Year's address delivered by Bank of Korea Governor Lee Juyeol on the 31st.

This content was produced with the assistance of AI translation services.