Consumer prices in South Korea jumped 6.3% year-on-year in July 2022, accelerating from a 6% increase in the previous month and rising at the fastest pace since November 1998 due to high energy and food prices. The country’s inflation rate also held above the central bank’s 2% target for the 16th consecutive month, keeping the pressure on the Bank of Korea to tighten policy further to curb price growth. The BOK delivered its first-ever 50 basis point rate hike to 2.25% earlier in July to arrest surging prices, for its sixth rate increase since August 2021. Inflationary pressure in South Korea has built up as the recovery in demand from the pandemic slump coincided with the war between Russia and Ukraine, pushing up oil and other commodity prices. source: Statistics Korea

Inflation Rate in South Korea averaged 6.96 percent from 1966 until 2022, 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 August of 2022.

Inflation Rate in South Korea is expected to be 5.70 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 2.60 percent in 2023 and 2.20 percent in 2024, according to our econometric models.

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South Korea Inflation Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-07-04 11:00 PM Jun 6% 5.4% 5.9% 6.0%
2022-08-01 11:00 PM Jul 6.3% 6% 6.3% 6.3%
2022-09-01 11:00 PM Aug 6.3%


Related Last Previous Unit Reference
Inflation Rate 6.30 6.00 percent Jul 2022
Inflation Rate Mom 0.50 0.60 percent Jul 2022
Consumer Price Index CPI 108.74 108.22 points Jul 2022
Core Inflation Rate 4.47 4.41 percent Jul 2022
Core Consumer Prices 106.28 106.15 points Jul 2022
Food Inflation 7.99 6.54 percent Jul 2022
CPI Transportation 123.43 123.31 points Jul 2022
CPI Housing Utilities 106.80 106.84 points Jul 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
6.30 6.00 32.50 -0.40 1966 - 2022 percent Monthly
NSA

News Stream
South Korea Inflation Hits Near 24-Year High
Consumer prices in South Korea jumped 6.3% year-on-year in July 2022, accelerating from a 6% increase in the previous month and rising at the fastest pace since November 1998 due to high energy and food prices. The country’s inflation rate also held above the central bank’s 2% target for the 16th consecutive month, keeping the pressure on the Bank of Korea to tighten policy further to curb price growth. The BOK delivered its first-ever 50 basis point rate hike to 2.25% earlier in July to arrest surging prices, for its sixth rate increase since August 2021. Inflationary pressure in South Korea has built up as the recovery in demand from the pandemic slump coincided with the war between Russia and Ukraine, pushing up oil and other commodity prices.
2022-08-01
South Korea Inflation Hits 24-Year High
Consumer prices in South Korea rose 6% year-on-year in June 2022, the fastest pace since November 1998, as higher prices of industrial goods, services, agricultural products and utility bills kept adding to inflationary pressure amid increasing raw-material prices. The data followed a 5.4% increase in May and came in above expectations for a 5.9% gain. The country’s inflation rate also held above the central bank’s 2% target for the 15th consecutive month, keeping the pressure on the Bank of Korea to tighten policy further to curb price growth. Analysts are betting that the central bank will raise its policy rate in July by 50 basis points, rather than the usual 25 bps, to arrest rising prices. The BOK raised its base rate by 25 bps to 1.75% in May, the fifth rate increase since August 2021, and signaled more rate hikes in the coming months.
2022-07-04
South Korea Inflation Rate Hits Near 14-Year High
Consumer prices in South Korea rose 5.4% in May 2022 from a year ago, accelerating at its fastest pace in nearly 14 years, as higher prices of oil and other commodities as well as rising services charges and utility bills continued to add to inflationary pressure. The data followed a 4.8% rise in the previous month and came in above expectations for a 5.1% gain. The country’s inflation rate also held above the central bank’s 2% target for the 14th consecutive month, keeping the pressure on the Bank of Korea to tighten policy further to curb price growth. The BOK raised its benchmark interest rate by 25 basis points to 1.5% in a surprise move in April as it stepped up the fight against rampant inflation. The bank expects inflation to average 4.5% in 2022, higher than its earlier forecast, signaling it would tighten policy further in the coming months.
2022-06-02