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.