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.

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South Korea Inflation Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.60 0.50 32.50 -0.40 1966 - 2021 percent Monthly
2015=100, NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-11-02 11:00 PM Oct 0.1% 1% 0.7% 0.8%
2020-12-01 11:00 PM Nov 0.6% 0.1% 0.9% 1%
2020-12-30 11:00 PM Dec 0.5% 0.6% 0.55% 0.6%
2021-02-01 11:00 PM Jan 0.6% 0.5% 0.3% 0.2%
2021-03-03 11:00 PM Feb 0.6%
2021-04-01 11:00 PM Mar
2021-05-03 11:00 PM Apr
2021-06-01 11:00 PM May


News Stream
South Korea Inflation Rate Edges Up
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.
2021-02-01
South Korea Inflation Edges Down to 0.5% YoY
Consumer prices in South Korea increased by 0.5 percent in December after climbing 0.6 percent in November, compared to market expectations of 0.55 percent, as consumption weakened in the last few weeks. Food inflation rose 3.4 percent on an annual basis, compared to a 2.1 percent drop in prices of the non-food component. On a monthly basis, consumer prices rebounded 0.2 percent after falling 0.1 percent in November, slightly above market expectations of a 0.15 percent increase.
2020-12-30
South Korea Inflation Rises 0.6% YoY
South Korea's consumer prices increased 0.6 percent year-on-year in November of 2020 following a 0.1 percent rise in the previous month, while markets expected a 0.9 percent gain. The fresh food index fell 11.5% from the previous month, and rose 13.1 percent from the same month last year. Prices of fresh fish jumped 7.1%, while those of fresh vegetables climbed 7.0 percent and of fresh fruits 25.1 percent, compared to the same month last year. On a monthly basis, consumer prices edged down 0.1 percent after declining 0.6 percent in the previous month, compared to market expectations of a 0.2 percent increase.
2020-12-01
South Korea Inflation Slower than Expected
South Korea's consumer prices increased 0.1 percent year-on-year in October of 2020 following a 1.0 percent rise in the previous month, while markets expected a 0.7 percent gain. It was the lowest inflation in four months, as communication fees declined 21.7 percent over a year ago largely due to a temporary government subsidy on mobile phone bills amid the Covid-19 pandemic. On a monthly basis, consumer prices plunged 0.6 percent after rising 0.7 percent in the previous month, also surprising market expectations of a 0.1 percent increase.
2020-11-02

South Korea Inflation Rate
In South Korea, the most important categories in the consumer price index are Housing, water, electricity, gas and other fuels (17 percent of total weight) and Food and non-alcoholic beverages (13.6 percent of total weight). Others include Restaurants and hotels (12 percent); Education (11.4 percent); Transportation (10.9 percent); Health (7.3 percent); and Clothing and footwear (6.2 percent). The components with the least weight are Communication at 5.8 percent; Miscellaneous goods and services at 5.4 percent; Recreation and culture at 5.3 percent; Furnishings, household equipment and routine maintenance at 3.8 percent; and Alcoholic beverages and tobacco at 1.24 percent.