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.

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South Korea Inflation Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-11-01 11:00 PM Oct 3.2% 2.5% 3.15% 3.2%
2021-12-01 11:00 PM Nov 3.7% 3.2% 3.1% 3.2%
2021-12-30 11:00 PM Dec


Related Last Previous Unit Reference
Inflation Rate 3.70 3.20 percent Nov/21
Inflation Rate Mom 0.40 0.10 percent Nov/21
Consumer Price Index CPI 108.97 108.83 points Oct/21
Core Inflation Rate 2.80 1.90 percent Oct/21
Core Consumer Prices 108.61 108.25 points Oct/21
Food Inflation 1.60 3.30 percent Oct/21
CPI Transportation 109.30 107.79 points Oct/21
CPI Housing Utilities 106.12 105.49 points Oct/21

News Stream
South Korea Inflation Accelerates to Decade High
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%).
2021-12-02
South Korea Inflation Rate Little Changed in September
The annual inflation rate in South Korea was at 2.5 percent in September of 2021, little changed from August's four-year high of 2.6 percent, remaining above the central bank's annual 2 percent target for the sixth consecutive month. Main upward pressure came from fresh food, oil products, housing rentals, and other services. Core consumer prices increased by 1.5 percent year-on-year, the most since October 2017 and following a 1.3 percent rise. On a monthly basis, consumer prices rose by 0.5 percent, above market estimates of a 0.3 percent rise and after a 0.6 percent gain in August.
2021-10-06
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 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.