Consumer prices in South Korea rose 5.7% year-on-year in August 2022, slowing from a 24-year high of 6.3% registered in July and coming in below the consensus forecast of 6.1%, as energy and food prices started declining from elevated levels. The country’s annual inflation rate also slowed for the first time since January and marked the slowest pace in three months. This could reduce some pressure on the Bank of Korea, which were among the first central banks to begin its tightening cycle last year, after delivering its first ever 50 basis point rate hike to 2.25% in July. BoK Governor Rhee Chang-yong said at the Jackson Hole symposium last weekend that he would prioritize price concerns if inflation stayed above expectations, as the central bank projected inflation to peak in October. source: Statistics Korea
Inflation Rate in South Korea averaged 6.96 percent from 1966 until 2022, 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 September of 2022.
Inflation Rate in South Korea is expected to be 5.50 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 4.00 percent in 2023 and 2.20 percent in 2024, according to our econometric models.