South Korea’s headline inflation accelerated to a decade high in November at 3.7%, remaining above the central bank’s 2% annual target for an eight consecutive month. The latest inflation rate followed a 3.2% increase in October and came in higher than consensus forecast for a 3.1% rise. Higher prices were driven by elevated costs from oil and other commodities, prompting the Bank of Korea to tighten policy ahead of major peers. Main upward pressures came from transport (12.9%), food & non-alcoholic beverages (6.1%), furnishings, household equipment & routine maintenance (4.6%), restaurants & hotels (3.8%), housing, water, electricity, gas & other fuels (2.7%) and clothing & footwear (1.3%). source: Statistics Korea
Inflation Rate in South Korea averaged 6.99 percent from 1966 until 2021, 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 December of 2021.
Inflation Rate in South Korea is expected to be 3.40 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 1.50 percent in 2022 and 1.60 percent in 2023, according to our econometric models.