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.