South Korea's consumer price inflation rose to 1.5 percent year-on-year in January 2020 from 0.7 percent in the previous month and above market expectations of 1.1 percent. That was the highest rate since November 2018 boosted by prices of transport (6.2 percent vs 2.2 percent in December), food & non-alcoholic beverages (1.8 percent vs 0.1 percent), housing & utilities (1.4 percent vs 1.3 percent), health (1.8 percent vs 1.4 percent), restaurants & hotels (1.2 percent vs 1 percent), and other goods & services (2 percent vs 1.7 percent). On a monthly basis, consumer prices rose 0.6 percent after climbing 0.2 percent in December. The inflationary upturn limits the central bank’s ability to further ease monetary conditions despite the coronavirus outbreak. Market expectations for 2020 are currently split between no change to the central bank’s benchmark rate currently standing at 1.25 percent and a 25-bps cut.

Inflation Rate in South Korea averaged 7.18 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. source: Statistics Korea

Inflation Rate in South Korea is expected to be 1.10 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 1.40 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.


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South Korea Inflation Rate

Actual Previous Highest Lowest Dates Unit Frequency
1.50 0.70 32.50 -0.40 1966 - 2020 percent Monthly
2015=100, NSA


Calendar GMT Actual Previous Consensus TEForecast
2019-10-31 11:00 PM Oct 0% -0.4% -0.3% -0.4%
2019-12-01 11:00 PM Nov 0.2% 0% 0.5% 0.6%
2019-12-30 11:00 PM Dec 0.7% 0.2% 0.6% 0.5%
2020-02-03 11:00 PM Jan 1.5% 0.7% 1.1% 0.9%
2020-03-02 11:00 PM Feb 1.5% 1.4%
2020-04-01 11:00 PM Mar 1.2%
2020-05-03 11:00 PM Apr
2020-06-01 11:00 PM May


News Stream
South Korea Inflation Rate Jumps to 14-Month High
South Korea's consumer price inflation rose to 1.5 percent year-on-year in January 2020 from 0.7 percent in the previous month and above market expectations of 1.1 percent. That was the highest rate since November 2018 boosted by prices of transport (6.2 percent vs 2.2 percent in December), food & non-alcoholic beverages (1.8 percent vs 0.1 percent), housing & utilities (1.4 percent vs 1.3 percent), health (1.8 percent vs 1.4 percent), restaurants & hotels (1.2 percent vs 1 percent), and other goods & services (2 percent vs 1.7 percent). On a monthly basis, consumer prices rose 0.6 percent after climbing 0.2 percent in December. The inflationary upturn limits the central bank’s ability to further ease monetary conditions despite the coronavirus outbreak. Market expectations for 2020 are currently split between no change to the central bank’s benchmark rate currently standing at 1.25 percent and a 25-bps cut.
2020-02-03
South Korea Inflation Climbs to 6-Month High
Consumer prices in South Korea rose 0.7 percent year-on-year in December 2019, after rising 0.2 percent in the previous month and slightly above market forecasts of a 0.6 percent increase. It was the highest inflation rate in six months mainly due to cost of housing & utilities (1.3 percent), transport (2.2 percent), and restaurants & hotels (1.0 percent). On a monthly basis, consumer prices rebounded 0.2 percent after declining 0.6 percent in November. The average rate of inflation for all of 2019 eased to a record-low 0.4 percent from 1.5 percent in 2018, raising expectations that the central bank might cut rates further in 2020.
2019-12-30
South Korea November Inflation Rate at 4-Month High
Consumer prices in South Korea rose 0.2 percent year-on-year in November 2019, after being unchanged in the previous month but below market forecasts of a 0.5 percent gain. It was the first increase in consumer prices in four months mainly due to a higher cost of utilities.
2019-12-01
South Korea Consumer Prices Flat in October
Consumer prices in South Korea remained unchanged year-on-year in October 2019, following a 0.4 percent decline in the previous month and compared with market expectations of a 0.3 percent drop. Prices avoided a second month of deflation after booking in September the first fall since data releases began in 1965, as higher utility prices offset decreased prices of agricultural products.
2019-10-31

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.