South Korea's annual inflation rate edged up to 2.0 percent in October of 2018 from 1.9 percent in the previous month and well above market expectations of 1.7 percent. It was the highest inflation in thirteen months, mainly nudged by fresh food (+10.5 percent vs +8.6 percent in September). Also, the inflation rate for industrial products edged up to 2.0 percent from 1.9 percent. In contrast, prices for utilities declined 1.9 percent (vs -1.8 percent), whereas the inflation rate for prices cooled to 1.3 percent (vs 1.4 percent). Inflation Rate in South Korea averaged 7.33 percent from 1966 until 2018, reaching an all time high of 32.50 percent in October of 1980 and a record low of 0.20 percent in February of 1999.

South Korea Inflation Rate
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South Korea Inflation Rate Rises to 13-Month High of 2%


South Korea's annual inflation inched higher to 2 percent in October of 2018 from 1.9 percent in the previous three months and above market expectations of 1.7 percent. It was the highest inflation rate since September 2017, driven by faster rises in cost of food, housing and transport.

Year-on-year, prices advanced faster for: food and non-alcoholic beverages (5.6 percent vs 5.2 percent in September); alcoholic beverages and tobacco (0.1 percent, compared to a flat reading in the prior month); housing and utilities (0.8 percent vs 0.7 percent); transport (4.6 percent from 4.1 percent), while inflation was steady for: clothing and footwear (0.6 percent); education (at 1.5 percent); and restaurant and hotels (at 2.4 percent). In addition, cost fell less for health (-0.4 percent vs -0.5 percent). On the other hand, cost went up at a softer rate for: furnishing, household equipment & routine maintenance (2.3 percent vs 2.4 percent); recreation and culture (0.5 percent vs 1.9 percent); and miscellaneous goods and services (0.5 percent vs 0.9 percent). At the same time, cost of communication dropped further 1.8 percent, after a 1.7 percent fall in a month earlier.

Core CPI, which excludes oil and agricultural products, increased by 1.1 percent, compared to a 1.2 percent rise in September.

For 2018, the Bank of Korea sees inflation at 1.7 percent. 

On a monthly basis, consumer prices declined 0.2 percent, following a 0.7 percent gain in September while markets estimated a 0.25 percent fall. It was the first monthly drop since June.


Statistics Korea l Rida | rida@tradingeconomics.com
11/1/2018 9:53:58 AM



Calendar GMT Actual Previous Consensus TEForecast
2018-09-03 11:00 PM Inflation Rate YoY 1.4% 1.5% 1.3% 1.4%
2018-10-04 11:00 PM Inflation Rate YoY 1.9% 1.4% 1.55% 1.5%
2018-10-31 11:00 PM Inflation Rate YoY 2% 1.9% 1.7% 1.6%
2018-12-03 11:00 PM Inflation Rate YoY 2% 1.6%
2018-12-30 11:00 PM Inflation Rate YoY 1.7%


South Korea Prices Last Previous Highest Lowest Unit
Inflation Rate 2.00 1.90 32.50 0.20 percent [+]
Inflation Rate Mom -0.20 0.70 5.29 -2.52 percent [+]
Consumer Price Index CPI 105.42 105.60 105.60 2.63 Index Points [+]
Core Consumer Prices 104.68 104.59 104.68 9.61 Index Points [+]
Core Inflation Rate 1.10 1.20 30.50 -0.40 percent [+]
GDP Deflator 111.35 111.75 113.81 0.79 Index Points [+]
Producer Prices 105.78 105.45 108.97 5.08 Index Points [+]
Producer Prices Change 2.70 3.00 47.40 -4.70 percent [+]
Export Prices 88.32 87.89 168.80 14.92 Index Points [+]
Import Prices 92.06 90.67 116.89 4.81 Index Points [+]
Food Inflation 5.60 5.20 6434.02 -4.50 percent [+]
Cpi Housing Utilities 102.40 102.11 102.40 31.61 Index Points [+]
CPI Transportation 106.54 104.99 112.54 27.63 Index Points [+]


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. 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 - actual data, historical chart and calendar of releases - was last updated on November of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
2.00 1.90 32.50 0.20 1966 - 2018 percent Monthly
2015=100, NSA




Country Last
Argentina 40.30 Sep/18
Australia 1.90 Sep/18
Brazil 4.56 Oct/18
Canada 2.20 Sep/18
China 2.50 Oct/18
Euro Area 2.20 Oct/18
France 2.20 Oct/18
Germany 2.50 Oct/18
India 3.31 Oct/18
Indonesia 3.16 Oct/18
Italy 1.60 Oct/18
Japan 1.20 Sep/18
Mexico 4.90 Oct/18
Netherlands 2.10 Oct/18
Russia 3.50 Oct/18
Saudi Arabia 2.10 Sep/18
Singapore 0.70 Sep/18
South Africa 4.90 Sep/18
South Korea 2.00 Oct/18
Spain 2.30 Oct/18
Switzerland 1.10 Oct/18
Turkey 25.24 Oct/18
United Kingdom 2.40 Oct/18
United States 2.50 Oct/18


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