Consumer prices in South Korea increased by 0.6 percent in January after climbing 0.5 percent in December, compared to market expectations of 0.3 percent, as consumption regained steam following soft readings. The main contributor to the inflationary uptick was utilities, rebounding 0.3 percent after edging down 0.1 percent. Meanwhile, fresh food inflation lost steam, but still remained well above average (9.2 percent vs 10 percent in December). On a monthly basis, consumer prices jumped 0.8 percent after rising 0.2 percent in December, well above market expectations of a 0.5 percent increase. source: Statistics Korea
Inflation Rate in South Korea averaged 7.05 percent from 1966 until 2021, reaching an all time high of 32.50 percent in October of 1980 and a record low of -0.40 percent in September of 2019. This page provides the latest reported value for - South Korea Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. South Korea Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2021.
Inflation Rate in South Korea is expected to be 0.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in South Korea to stand at 1.50 in 12 months time. In the long-term, the South Korea Inflation Rate is projected to trend around 1.70 percent in 2022, according to our econometric models.