The annual inflation rate in South Korea was 2.6 percent in August of 2021, unchanged from July and compared with market forecasts of 2.3 percent. It remained at the highest level since August of 2017 and above the central bank's annual 2 percent target for a fifth consecutive month. Main upward pressure came from prices of transport (8.2 percent vs 7.6 percent in July); food & non-alcoholic beverages (5.6 percent vs 6.4 percent); housing & utilities (2.3 percent, the same as in July) and restaurants & hotels (2.7 percent vs 2.4 percent). On a monthly basis, consumer prices inched up 0.6 percent, the most since January and also beating market estimates of a 0.3 percent rise. source: Statistics Korea
Inflation Rate in South Korea averaged 7 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 September of 2021.
Inflation Rate in South Korea is expected to be 2.40 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 2.00 percent in 2022, according to our econometric models.