South Korea’s annual inflation rate slowed to 2.9% in September 2026 from 3.1% in August, in line with market expectations but remained above the central bank’s 2% target. The slowdown was largely driven by softer price growth for alcohol and tobacco (0.1% vs 0.4%), communication (2.0% vs 16.6%), and other goods and services (4.1% vs 4.4%). On the other hand, prices accelerated for household goods and services (3.0% vs 2.9%), transport (7.7% vs 7.2%), and recreation and culture (5.8% vs 4.9%). Costs also increased for food and non-alcoholic beverages (1.0% vs -0.5%), health (1.6% vs 1.4%), and education (1.6% vs 1.3%), while inflation remained unchanged for clothing and footwear (2.8%), housing, water, electricity and fuel (1.9%), and restaurants and hotels (2.8%). Meanwhile, core inflation, excluding food and energy, eased to 2.8% from 3.4% in August. On a monthly basis, consumer prices rose 0.3%, marking the fastest rise since May and accelerating from 0.2% in August. source: Statistics Korea

Inflation Rate in South Korea decreased to 2.90 percent in September from 3.10 percent in August of 2026. Inflation Rate in South Korea averaged 6.68 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 October of 2026.

Inflation Rate in South Korea decreased to 2.90 percent in September from 3.10 percent in August of 2026. Inflation Rate in South Korea is expected to be 2.90 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 2.20 percent in 2027 and 2.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-09-01 11:00 PM
Inflation Rate YoY
Aug 3.1% 2.8% 3.2% 3.1%
2026-10-01 11:00 PM
Inflation Rate YoY
Sep 2.9% 3.1% 2.9% 3.3%
2026-11-02 11:00 PM
Inflation Rate YoY
Oct 2.9%


Related Last Previous Unit Reference
CPI 120.43 120.05 points Sep 2026
Core Consumer Prices 118.71 118.42 points Sep 2026
Core Inflation Rate 2.70 3.10 percent Sep 2026
CPI Clothing 119.74 119.72 points Sep 2026
CPI Education 110.34 110.30 points Sep 2026
CPI Food 130.09 128.20 points Sep 2026
CPI Health 107.22 107.04 points Sep 2026
CPI Housing Utilities 118.93 117.59 points Sep 2026
CPI Recreation and Culture 115.93 115.80 points Sep 2026
CPI Restaurants and Hotels 128.52 129.03 points Sep 2026
CPI Transportation 124.13 124.63 points Sep 2026
Food Inflation 1.00 -0.50 percent Sep 2026
Inflation Rate YoY 2.90 3.10 percent Sep 2026
Inflation Rate MoM 0.30 0.20 percent Sep 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
2.90 3.10 32.50 -0.40 1966 - 2026 percent Monthly
NSA

News Stream
South Korea Inflation Rate Slows in September
South Korea’s annual inflation rate slowed to 2.9% in September 2026 from 3.1% in August, in line with market expectations but remained above the central bank’s 2% target. The slowdown was largely driven by softer price growth for alcohol and tobacco (0.1% vs 0.4%), communication (2.0% vs 16.6%), and other goods and services (4.1% vs 4.4%). On the other hand, prices accelerated for household goods and services (3.0% vs 2.9%), transport (7.7% vs 7.2%), and recreation and culture (5.8% vs 4.9%). Costs also increased for food and non-alcoholic beverages (1.0% vs -0.5%), health (1.6% vs 1.4%), and education (1.6% vs 1.3%), while inflation remained unchanged for clothing and footwear (2.8%), housing, water, electricity and fuel (1.9%), and restaurants and hotels (2.8%). Meanwhile, core inflation, excluding food and energy, eased to 2.8% from 3.4% in August. On a monthly basis, consumer prices rose 0.3%, marking the fastest rise since May and accelerating from 0.2% in August.
2026-10-01
South Korea Inflation Rate Accelerates in August
South Korea’s annual inflation rate rose to 3.1% in August 2026 from 2.8% in July, moving further above the central bank’s 2% target but below market expectations of 3.2%. The increase was largely driven by a one-off factor of low-base effect from temporary mobile-service discounts last year, with mobile service fees surging 26.7% year-on-year and lifting public-service prices by 6.5%. Petroleum prices also remained elevated, rising 14.2%, although slower than the 15.5% increase in July. Excluding the temporary impact of mobile fees, inflation would have been around 2.5%, according to the Finance Ministry, while nationwide fuel-price caps reduced the headline rate by 0.3 percentage points. Meanwhile, core inflation, excluding food and energy, accelerated sharply to 3.4% from 2.6%, marking its fastest annual increase since May 2023. On a monthly basis, consumer prices rose by 0.2% in August, falling short of market estimates for a 0.3% gain but rebounding from a 0.2% decline in July.
2026-09-01
South Korea Inflation Rate at 3-Month Low of 2.8%
South Korea’s annual inflation rate slowed to 2.8% in July 2026, marking the softest increase since April and down from 3.2% in the previous month, which was the fastest pace since December 2023. The latest reading was below market expectations of 3.0%, though it remained above the central bank’s 2% target. Transport inflation eased (7.7% vs 11.1% in June), as the impact of rises in diesel and gasoline prices started to fade. Food and non-alcoholic beverages inflation also moderated to a three-month low (0.9% vs 2.0%), as did alcoholic beverages and tobacco (0.2% vs 0.5%). By contrast, inflation accelerated for housing and utilities (1.8% vs 1.7%), clothing and footwear (2.8% vs 2.6%), recreation and culture (5.5% vs 5.4%), and restaurants and hotels (2.8% vs 2.7%). On a monthly basis, consumer prices unexpectedly fell 0.2%, compared with market forecasts of a 0.1% rise, marking the first monthly decline since November 2025, due to lower transport, food, and housing prices.
2026-08-03