Recent October consumer price data showed South Korea’s headline inflation easing to 2.8 percent year-over-year from 2.9 percent in September, with core inflation holding steady at 2.8 percent. Persistent pressures from petroleum products, which rose 14.9 percent, and services offset declines in agricultural prices, while Middle East uncertainties continue to support energy costs. The Bank of Korea expects inflation to remain in the high-2 percent range through November amid cost pass-through and demand-side factors, consistent with the benchmark rate held at 3 percent. These developments underpin the market-implied odds favoring a 2.7-to-2.9 percent annual outcome for 2026, with the path of oil prices and core trends as key swing factors into year-end.