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.

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South Korea Inflation Rate

Actual Previous Highest Lowest Dates Unit Frequency
2.60 2.60 32.50 -0.40 1966 - 2021 percent Monthly
2015=100, NSA


Calendar GMT Actual Previous Consensus TEForecast
2021-06-01 11:00 PM May 2.6% 2.3% 2.6% 2.7%
2021-07-01 11:00 PM Jun 2.4% 2.6% 2.5% 2.8%
2021-08-02 11:00 PM Jul 2.6% 2.4% 2.4% 2.4%
2021-09-01 11:00 PM Aug 2.6% 2.6% 2.3% 2.3%
2021-10-04 11:00 PM Sep 2.6%
2021-11-01 11:00 PM Oct
2021-12-01 11:00 PM Nov
2021-12-30 11:00 PM Dec
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
South Korea August Inflation Tops Estimates
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.
2021-09-01
South Korea Inflation Rises More than Expected
The annual inflation rate in South Korea increased to 2.6 percent in July of 2021 from 2.4 percent in the previous month and compared to forecasts of a 2.4 percent rise. Prices advanced faster for housing & utilities (2.3 percent vs 1.2 percent in June) and restaurants & hotels (2.4 percent vs 2.2 percent). On the other hand, food and non-alcoholic beverages prices increased at a softer pace (6.4 percent vs 6.5 percent). On a monthly basis, consumer prices rose by 0.2 percent in July, following a 0.1 percent decline in the prior month and compared with forecasts of a flat reading.
2021-08-02
South Korea Inflation Rate Drops More than Expected
The annual inflation rate in South Korea fell to 2.4 percent in June of 2021 from a near four-month high of 2.6 percent in the previous month and compared with market estimates of 2.5 percent. Prices of food & non-alcoholic beverages rose by 6.5 percent, the least in five months, after a 7.4 percent rise in May. Also, cost eased for health (0.7 percent vs 0.8 percent in May), transport (8.3 percent vs 9.2 percent), and recreation & culture (0.8 percent vs 1 percent). In addition, cost continued to fall for both communication (-2.3 percent vs -2.1 percent) and education (-0.7 percent vs -0.8 percent). By contrast, inflation went up for both housing (1.2 percent vs 1.1 percent in May), restaurants and hotels (2.2 percent vs 2 percent). On a monthly basis, consumer prices fell by 0.1 percent in June, the first monthly decline in seven months, after a 0.1 percent gain in May and compared with forecasts of a 0.05 percent rise.
2021-07-01
South Korea Inflation Hits Highest Level Since 2017
The annual inflation rate in South Korea increased to 2.6 percent in May of 2021 from 2.3 percent in the previous month and in line with market expectations. It was the highest inflation rate since August of 2017, as prices advanced faster for housing (1.1 percent vs 0.5 percent in April), restaurants and hotels (2.0 percent vs 1.8 percent) and transport (9.2 percent vs 6.4 percent). Meanwhile, food & non-alcoholic beverages prices slowed (7.4 percent vs 8.1 percent). On a monthly basis, consumer prices climbed 0.1 percent after rising 0.2 percent in April, also in line with market expectations.
2021-06-01

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.