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. 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 July of 2022.

Inflation Rate in South Korea is expected to be 6.00 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
2022-05-02 11:00 PM Apr 4.8% 4.1% 4.4% 4.3%
2022-06-02 11:00 PM May 5.4% 4.8% 5.1% 5.3%
2022-07-04 11:00 PM Jun 5.4% 5.9% 6.0%


Related Last Previous Unit Reference
Inflation Rate 5.40 4.80 percent May 2022
Inflation Rate Mom 0.70 0.70 percent May 2022
Consumer Price Index CPI 107.56 106.85 points May 2022
Core Inflation Rate 4.10 3.60 percent May 2022
Core Consumer Prices 105.73 104.98 points May 2022
Food Inflation 6.02 4.57 percent May 2022
CPI Transportation 119.79 119.20 points May 2022
CPI Housing Utilities 106.47 105.71 points May 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
5.40 4.80 32.50 -0.40 1966 - 2022 percent Monthly
NSA

News Stream
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
South Korea Inflation Rate Hits Over 13-Year High
Consumer prices in South Korea rose 4.8% in April 2022 from a year earlier, accelerating at the fastest pace in over 13 years, led by a surge in energy and some food prices. The data also followed a 4.1% rise in the previous month and came in well above the 4.4% consensus forecast. South Korea’s inflation rate has held above the central bank’s 2% target for a 13th consecutive month, keeping the pressure on the Bank of Korea to tighten policies more aggressively. The BOK raised its benchmark interest rate by 25 basis points to 1.5% in a surprise move in April as it ramped up the fight against rampant inflation. It marked the fourth increase of the bank’s base rate since it kicked off a policy tightening cycle in August last year as one of the first central banks in high-income countries to do so.
2022-05-02
South Korea Inflation Rate Hits 10-Year High
Consumer prices in South Korea rose 4.1% in March 2022 from a year earlier, accelerating at the fastest pace in more than a decade, fueled by soaring energy and commodity prices due to the Ukraine crisis and adding pressure on the central bank ahead of its meeting next week. This also followed a 3.7% gain in February and came in higher than the 3.8% consensus forecast. Data showed that the cost of petroleum surged 31.2%, while that of electricity, gas and water rose 2.9%. Housing rentals and outdoor dining also jumped 2% and 6.6%, respectively. South Korea’s inflation has held above 3% since October, well in excess of the central bank’s 2% target, keeping the pressure on the Bank of Korea despite having raised interest rates three times since August to 1.25%. The BOK faces the challenge of controlling inflation without stifling growth at its meeting next week.
2022-04-05