[Photo] S. Korea’s financial authorities insist economy is not approaching deflation

Although South Korea’s inflation rate has fallen to zero for the first time ever, the Ministry of Economy and Finance and the Bank of Korea (BOK) insist the current situation is nowhere near deflation. During a meeting about macroeconomic policy, Vice Finance Minister Kim Yong-beom and BOK Senior Deputy Governor Yoon Myun-shik said that low prices in consumer goods is due to a surge of supply rather than a drop in demand, reiterating that South Korea’s economy is not approaching deflation. (provided by the Ministry of Economy and Finance)