South Korea’s annual inflation rate accelerated to 3.1% in May 2026 from 2.6% in the previous month, surpassing market forecasts of 3.0%. It was the highest reading since March 2024, highlighting the deepening effects of higher oil prices amid the Middle East conflict, with food prices rising the most in three months (1.6% vs 0.3% in April). Inflation also accelerated for housing and utilities (1.8% vs 1.7% in April), transport (11.6% vs 9.7%), clothing and footwear (2.8% vs 2.1%), recreation and culture (5.0% vs 3.4%), education (1.3% vs 1.1%), tobacco (0.3% vs 0.1%), and furnishings, household equipment, and routine maintenance (2.6% vs 1.9%). Meanwhile, inflation was steady for communication (0.6%), restaurant and hotels (2.7%), and miscellaneous goods and services (4.1%). On a monthly basis, consumer prices increased by 0.5%, the same pace as in April. Still, it was the fastest monthly increase since September 2025 and exceeded market estimates of 0.3%. source: Statistics Korea

Inflation Rate in South Korea increased to 3.10 percent in May from 2.60 percent in April of 2026. Inflation Rate in South Korea averaged 6.70 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 June of 2026.

Inflation Rate in South Korea increased to 3.10 percent in May from 2.60 percent in April of 2026. Inflation Rate in South Korea is expected to be 3.20 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 2.30 percent in 2027 and 2.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-05-05 11:00 PM
Inflation Rate YoY
Apr 2.6% 2.2% 2.6% 2.7%
2026-06-01 11:00 PM
Inflation Rate YoY
May 3.1% 2.6% 3% 2.9%
2026-07-01 11:00 PM
Inflation Rate YoY
Jun 3.1% 3.2%


Related Last Previous Unit Reference
CPI 119.92 119.37 points May 2026
Core Consumer Prices 117.97 117.38 points May 2026
Core Inflation Rate 2.50 2.20 percent May 2026
CPI Housing Utilities 118.53 118.24 points May 2026
CPI Transportation 127.54 125.62 points May 2026
Food Inflation 1.60 0.30 percent May 2026
Inflation Rate YoY 3.10 2.60 percent May 2026
Inflation Rate MoM 0.50 0.50 percent May 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
3.10 2.60 32.50 -0.40 1966 - 2026 percent Monthly
NSA

News Stream
South Korea Inflation Hits Over 2-Year High
South Korea’s annual inflation rate accelerated to 3.1% in May 2026 from 2.6% in the previous month, surpassing market forecasts of 3.0%. It was the highest reading since March 2024, highlighting the deepening effects of higher oil prices amid the Middle East conflict, with food prices rising the most in three months (1.6% vs 0.3% in April). Inflation also accelerated for housing and utilities (1.8% vs 1.7% in April), transport (11.6% vs 9.7%), clothing and footwear (2.8% vs 2.1%), recreation and culture (5.0% vs 3.4%), education (1.3% vs 1.1%), tobacco (0.3% vs 0.1%), and furnishings, household equipment, and routine maintenance (2.6% vs 1.9%). Meanwhile, inflation was steady for communication (0.6%), restaurant and hotels (2.7%), and miscellaneous goods and services (4.1%). On a monthly basis, consumer prices increased by 0.5%, the same pace as in April. Still, it was the fastest monthly increase since September 2025 and exceeded market estimates of 0.3%.
2026-06-01
South Korea Inflation Hits 21-Month High
South Korea’s annual inflation rate climbed to 2.6% in April 2026, matching market forecasts and accelerating from 2.2% in the previous month. It marked the highest reading since July 2024, highlighting the deepening effects of higher oil prices amid the Middle East conflict. Prices increased faster mainly for housing and utilities (1.7% vs 1.5% in March), transport (9.7% vs 5%), and recreation and culture (3.4% vs 2.8%). Inflation also remained unchanged for clothing and footwear ( at 2.1%), communication (at 0.6%), and education (at 1.1%). On the other hand, price growth softened for food and non-alcoholic beverages (0.3% vs 0.5%), alcoholic beverages and tobacco (0.1% vs 0.6%), furnishings, household equipment & routine maintenance (1.9% vs 3.2%), and miscellaneous goods and services (4.1% vs 4.6%). On a monthly basis, consumer prices increased by 0.5%, the fastest rise since late September, in line with estimates and up from a 0.3% gain in the preceding period.
2026-05-05
South Korea Inflation Hits 3-Month High
South Korea’s annual inflation rate rose to 2.2% in March 2026, up from 2.0% in the previous two months but less than market forecasts of 2.4%. It was the highest reading since December, breaching the central bank’s 2% target. Price growth accelerated for alcohol and tobacco (0.6% vs 0.4% in February), housing (1.5% vs 1.3%), furnishings, household equipment & routine maintenance (3.2% vs 2.9%), health (1.3% vs 1.1%), transport (5.0% vs 1.1%), communication (0.6% vs 0.4%), and recreation & culture (2.8% vs 0.9%). Meanwhile, the cost of food & non-alcoholic beverages increased at the mildest pace since February 2020 (0.5% vs 2.9%). Inflation also slowed for clothing (2.1% vs 2.4%), education (1.1% vs 1.5%), restaurants & hotels (2.7% vs 2.8%), and miscellaneous goods & services (4.6% vs 5.0%). On a monthly basis, consumer prices went up 0.3%, holding steady for the second straight month but falling short of estimates of 0.6%.
2026-04-02