South Korea's consumer price inflation increased to 1.5 percent year-on-year in March 2021 from 1.1 percent in the previous month and beating market expectations of 1.35 percent. It was the highest inflation rate since January last year, due mainly to a faster rise in prices of housing & utilities (0.4 percent vs 0.1 percent) while transport prices rebounded sharply (2.0 percent vs -2.0 percent). Also, inflation accelerated for restaurants & hotels (1.4 percent vs 1.2 percent in February) and was steady for health (at 1.1 percent). On the other hand, prices continued to increase for food & non-alcoholic beverages (8.4 percent vs 9.7 percent) and clothing & footwear (0.3 percent vs 0.5 percent). In addition, prices of and education fell less (-2.7 percent vs -2.9 percent). On a monthly basis, consumer prices edged up 0.1 percent, while markets had forecast a 0.1 percent drop. source: Statistics Korea

Inflation Rate in South Korea averaged 7.04 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 April of 2021.

Inflation Rate in South Korea is expected to be 3.50 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 2.30 in 12 months time. In the long-term, the South Korea Inflation Rate is projected to trend around 1.70 percent in 2022 and 2.00 percent in 2023, according to our econometric models.

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South Korea Inflation Rate

Actual Previous Highest Lowest Dates Unit Frequency
1.50 1.10 32.50 -0.40 1966 - 2021 percent Monthly
2015=100, NSA


Calendar GMT Actual Previous Consensus TEForecast
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 1.1% 0.6% 1% 0.9%
2021-04-01 11:00 PM Mar 1.5% 1.1% 1.35% 1.4%
2021-05-03 11:00 PM Apr 1.5% 2.8%
2021-06-01 11:00 PM May
2021-07-01 11:00 PM Jun
2021-08-02 11:00 PM Jul


News Stream
South Korea Inflation Rate at 14-Month High of 1.5%
South Korea's consumer price inflation increased to 1.5 percent year-on-year in March 2021 from 1.1 percent in the previous month and beating market expectations of 1.35 percent. It was the highest inflation rate since January last year, due mainly to a faster rise in prices of housing & utilities (0.4 percent vs 0.1 percent) while transport prices rebounded sharply (2.0 percent vs -2.0 percent). Also, inflation accelerated for restaurants & hotels (1.4 percent vs 1.2 percent in February) and was steady for health (at 1.1 percent). On the other hand, prices continued to increase for food & non-alcoholic beverages (8.4 percent vs 9.7 percent) and clothing & footwear (0.3 percent vs 0.5 percent). In addition, prices of and education fell less (-2.7 percent vs -2.9 percent). On a monthly basis, consumer prices edged up 0.1 percent, while markets had forecast a 0.1 percent drop.
2021-04-01
South Korea Inflation Rate Jumps to 1.1% YoY
Consumer prices in South Korea increased by 1.1 percent in February after climbing 0.6 percent in January, compared to market expectations of 1 percent, as consumption regained steam following soft readings. The main contributor to the inflationary uptick was utilities, rising 1.2 percent after increasing 0.3 percent in January. Meanwhile, fresh food inflation gained steam and remained well above average (16.2 percent vs 10 percent in January). On a monthly basis, consumer prices climbed 0.5 percent after rising 0.8 percent in January, also above market expectations of a 0.35 percent increase.
2021-03-03
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 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.