South Korea's consumer prices increased 0.7 percent year-on-year in August of 2020 following a 0.3 percent rise in the previous month, while markets expected a 0.4 percent gain. It was the highest inflation rate since March. The jump was mainly explained by a 15.8 percent increase in the fresh foods subindex, up from an 8.4 percent climb in the previous month. On a monthly basis, inflation jumped 0.6 percent after remaining unchanged in the previous month, rising the most in seven months.
Inflation Rate in South Korea averaged 7.10 percent from 1966 until 2020, 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 2020. source: Statistics Korea
Inflation Rate in South Korea is expected to be 0.40 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 2.50 in 12 months time. In the long-term, the South Korea Inflation Rate is projected to trend around 2.10 percent in 2021 and 1.90 percent in 2022, according to our econometric models.