South Korea's annual inflation rate was unchanged at 0.7 percent in June 2019, below market expectations of a 1.0 percent increase. Cost of food and non-alcoholic beverage rose the most in five months while transport prices fell further. On a monthly basis, consumer prices declined 0.2 percent, after increasing 0.2 percent in the previous month and compared to market forecasts of a 0.1 percent gain. Inflation Rate in South Korea averaged 7.25 percent from 1966 until 2019, reaching an all time high of 32.50 percent in October of 1980 and a record low of 0.20 percent in February of 1999.

Inflation Rate in South Korea is expected to be 1.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in South Korea to stand at 1.30 in 12 months time. In the long-term, the South Korea Inflation Rate is projected to trend around 2.10 percent in 2020, according to our econometric models.

South Korea Inflation Rate
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Calendar GMT Actual Previous Consensus TEForecast
2019-04-01 11:00 PM Inflation Rate YoY 0.4% 0.5% 0.9% 0.5%
2019-05-01 11:00 PM Inflation Rate YoY 0.6% 0.4% 0.4% 0.5%
2019-06-03 11:00 PM Inflation Rate YoY 0.7% 0.6% 0.8% 0.7%
2019-07-01 11:00 PM Inflation Rate YoY 0.7% 0.7% 1% 1%
2019-07-31 11:00 PM Inflation Rate YoY 0.7% 0.9%
2019-09-02 11:00 PM Inflation Rate YoY 1.1%
2019-09-30 11:00 PM Inflation Rate YoY 1.3%



South Korea Annual Inflation Rate Steady at 0.7% in June

South Korea's annual inflation rate was unchanged at 0.7 percent in June 2019, below market expectations of a 1.0 percent increase. A faster rise in prices of both food and housing offset a further drop in transport cost.

Inflation was steady for both restaurant & hotels (at 1.8 percent, the same as in May) and education (at 1.1 percent), while prices rose further for food and non-alcoholic beverages (2 percent vs 1.9 percent in May); housing & utilities (1.2 percent vs 1.1 percent); furnishing, household equipment & routine maintenance (1.7 percent vs 1.5 percent); and alcoholic beverages & tobacco (0.9 percent vs 0.7 percent). Also, cost of health increased (0.1 percent vs flat reading) and prices fell less for recreation & culture (-0.1 percent vs -1 percent) and clothing & footwear (-0.1 percent vs -0.2 percent). On the other hand, cost of miscellaneous goods & services slowed (1.5 percent vs 1.9 percent) and prices dropped at a faster pace for transport (-1 percent vs -0.6 percent) and communication (-2.8 percent vs -2.7 percent). 

For 2019, the Bank of Korea targets inflation rate to be at 2 percent.

Core CPI, which excludes oil and agricultural products, advanced 0.7 percent year-on-year in June, following a 0.6 percent gain in May. 

On a monthly basis, consumer prices fell unexpectedly by 0.2 percent in June, the first monthly drop in three months, following a 0.2 percent gain in May and missing forecasts of a 0.1 percent rise.


Statistics Korea l Rida Husna | rida@tradingeconomics.com
7/2/2019 9:48:28 AM



South Korea Prices Last Previous Highest Lowest Unit
Inflation Rate 0.70 0.70 32.50 0.20 percent [+]
Inflation Rate Mom -0.20 0.20 5.29 -2.52 percent [+]
Consumer Price Index CPI 104.88 105.05 105.60 2.63 Index Points [+]
Core Consumer Prices 105.41 105.48 105.48 9.61 Index Points [+]
Core Inflation Rate 0.70 0.60 30.50 -0.30 percent [+]
GDP Deflator 104.34 102.67 106.94 0.79 Index Points [+]
Producer Prices 103.73 103.68 108.97 5.08 Index Points [+]
Producer Prices Change 0.40 0.60 47.40 -4.70 percent [+]
Export Prices 100.95 103.16 202.14 17.87 Index Points [+]
Import Prices 109.58 113.66 145.47 5.99 Index Points [+]
Food Inflation 2.00 1.90 6434.02 -4.50 percent [+]
Inflation Expectations 2.10 2.20 4.60 2.10 percent [+]
Cpi Housing Utilities 102.90 102.84 103.15 31.61 Index Points [+]
CPI Transportation 103.31 103.06 112.54 27.63 Index Points [+]


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. 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 - actual data, historical chart and calendar of releases - was last updated on July of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.70 0.70 32.50 0.20 1966 - 2019 percent Monthly
2015=100, NSA




Country Last Previous
Argentina 55.80 Jun/19
Australia 1.30 Mar/19
Brazil 3.37 Jun/19
Canada 2.40 May/19
China 2.70 Jun/19
Euro Area 1.30 Jun/19
France 1.20 Jun/19
Germany 1.60 Jun/19
India 3.18 Jun/19
Indonesia 3.28 Jun/19
Italy 0.70 Jun/19
Japan 0.70 May/19
Mexico 3.95 Jun/19
Netherlands 2.70 Jun/19
Russia 4.70 Jun/19
Saudi Arabia -1.50 May/19
Singapore 0.90 May/19
South Africa 4.50 May/19
South Korea 0.70 Jun/19
Spain 0.40 Jun/19
Switzerland 0.60 Jun/19
Turkey 15.72 Jun/19
United Kingdom 2.00 Jun/19
United States 1.60 Jun/19


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