South Korea’s annual inflation rate slowed for a second consecutive month to 2.8% in October 2026 from 2.9% in the previous month, below market expectations of 2.9%. However, the latest result stayed above the central bank’s 2% target, as fuel prices remained elevated due to the prolonged Middle East conflict, adding to inflationary pressures in South Korea, which relies heavily on imported energy. Gasoline and diesel costs climbed 11.6% and 19.7%, respectively, while prices of industrial goods also accelerated to 4.4%, partly reflecting a 10.8% increase in mobile phone prices, the largest increase in 25 years and 3 months. In contrast, agricultural product prices fell 1.7% following the country’s Chuseok holiday. On a monthly basis, consumer prices rose by 0.2%, undershooting forecasts for a 0.3% gain and easing from a 0.3% increase in September. Meanwhile, core inflation, which excludes volatile food and energy prices, stood at 2.8% year-on-year and rose 0.4% month-on-month. source: Statistics Korea

Inflation Rate in South Korea decreased to 2.80 percent in October from 2.90 percent in September of 2026. Inflation Rate in South Korea averaged 6.68 percent from 1966 until 2026, 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 November of 2026.

Inflation Rate in South Korea decreased to 2.80 percent in October from 2.90 percent in September of 2026. Inflation Rate in South Korea is expected to be 2.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Korea Inflation Rate is projected to trend around 2.20 percent in 2027 and 2.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-10-01 11:00 PM
Inflation Rate YoY
Sep 2.9% 3.1% 2.9% 3.3%
2026-11-02 11:00 PM
Inflation Rate YoY
Oct 2.8% 2.9% 2.9% 2.9%
2026-12-01 11:00 PM
Inflation Rate YoY
Nov 2.8%


Related Last Previous Unit Reference
CPI 120.73 120.43 points Oct 2026
Core Consumer Prices 119.22 118.71 points Oct 2026
Core Inflation Rate 2.80 2.70 percent Oct 2026
CPI Clothing 120.01 119.74 points Oct 2026
CPI Education 110.36 110.34 points Oct 2026
CPI Food 129.49 130.09 points Oct 2026
CPI Health 107.78 107.22 points Oct 2026
CPI Housing Utilities 119.27 118.93 points Oct 2026
CPI Recreation and Culture 116.63 115.93 points Oct 2026
CPI Restaurants and Hotels 129.28 128.52 points Oct 2026
CPI Transportation 124.32 124.13 points Oct 2026
Food Inflation 0.50 1.00 percent Oct 2026
Inflation Rate YoY 2.80 2.90 percent Oct 2026
Inflation Rate MoM 0.20 0.30 percent Oct 2026


South Korea Inflation Rate
In South Korea, the most important categories in the Consumer Price Index are: Housing, Water, Electricity, Gas & Other Fuels (17% of the total weight) and Food & Non-alcoholic Beverages (15%). The index also includes: Restaurants & Hotels (13%), Alcoholic Beverages & Tobacco (10%), Education (11%), Health (9%), and Recreation & Culture (6%). The components with the least weights are Miscellaneous Goods & Services at 5.42%, Furnishings, Household Equipment & Routine Maintenance at 5.39%, and Clothing & Footwear at 4.86%.
Actual Previous Highest Lowest Dates Unit Frequency
2.80 2.90 32.50 -0.40 1966 - 2026 percent Monthly
NSA

News Stream
South Korea Inflation Slows in October
South Korea’s annual inflation rate slowed for a second consecutive month to 2.8% in October 2026 from 2.9% in the previous month, below market expectations of 2.9%. However, the latest result stayed above the central bank’s 2% target, as fuel prices remained elevated due to the prolonged Middle East conflict, adding to inflationary pressures in South Korea, which relies heavily on imported energy. Gasoline and diesel costs climbed 11.6% and 19.7%, respectively, while prices of industrial goods also accelerated to 4.4%, partly reflecting a 10.8% increase in mobile phone prices, the largest increase in 25 years and 3 months. In contrast, agricultural product prices fell 1.7% following the country’s Chuseok holiday. On a monthly basis, consumer prices rose by 0.2%, undershooting forecasts for a 0.3% gain and easing from a 0.3% increase in September. Meanwhile, core inflation, which excludes volatile food and energy prices, stood at 2.8% year-on-year and rose 0.4% month-on-month.
2026-11-02
South Korea Inflation Rate Slows in September
South Korea’s annual inflation rate slowed to 2.9% in September 2026 from 3.1% in August, in line with market expectations but remained above the central bank’s 2% target. The slowdown was largely driven by softer price growth for alcohol and tobacco (0.1% vs 0.4%), communication (2.0% vs 16.6%), and other goods and services (4.1% vs 4.4%). On the other hand, prices accelerated for household goods and services (3.0% vs 2.9%), transport (7.7% vs 7.2%), and recreation and culture (5.8% vs 4.9%). Costs also increased for food and non-alcoholic beverages (1.0% vs -0.5%), health (1.6% vs 1.4%), and education (1.6% vs 1.3%), while inflation remained unchanged for clothing and footwear (2.8%), housing, water, electricity and fuel (1.9%), and restaurants and hotels (2.8%). Meanwhile, core inflation, excluding food and energy, eased to 2.8% from 3.4% in August. On a monthly basis, consumer prices rose 0.3%, marking the fastest rise since May and accelerating from 0.2% in August.
2026-10-01
South Korea Inflation Rate Accelerates in August
South Korea’s annual inflation rate rose to 3.1% in August 2026 from 2.8% in July, moving further above the central bank’s 2% target but below market expectations of 3.2%. The increase was largely driven by a one-off factor of low-base effect from temporary mobile-service discounts last year, with mobile service fees surging 26.7% year-on-year and lifting public-service prices by 6.5%. Petroleum prices also remained elevated, rising 14.2%, although slower than the 15.5% increase in July. Excluding the temporary impact of mobile fees, inflation would have been around 2.5%, according to the Finance Ministry, while nationwide fuel-price caps reduced the headline rate by 0.3 percentage points. Meanwhile, core inflation, excluding food and energy, accelerated sharply to 3.4% from 2.6%, marking its fastest annual increase since May 2023. On a monthly basis, consumer prices rose by 0.2% in August, falling short of market estimates for a 0.3% gain but rebounding from a 0.2% decline in July.
2026-09-01