South Korea's consumer prices declined by 0.3 percent year-on-year in May 2020 from a 0.1 percent uptick in the previous month, while markets expected a 0.2 percent drop. It was the largest decline since September, mainly explained by demand-side shocks caused by the implementation of measures to prevent and control the COVID-19 outbreak. The decline was mainly explained by prices for transport, down 6.9 percent after falling 2.3 percent in April. Also, education prices fell 2.8 percent after decreasing 2.4 percent. In contrast, prices for food & beverages climbed 2.4 percent after rising 1.7 percent. On a monthly basis, consumer prices went down 0.2 percent after declining 0.6 percent in April, matching expectations.

Inflation Rate in South Korea averaged 7.13 percent from 1966 until 2020, 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 June of 2020. source: Statistics Korea

Inflation Rate in South Korea is expected to be 0.10 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 1.40 in 12 months time. In the long-term, the South Korea Inflation Rate is projected to trend around 2.10 percent in 2021 and 1.90 percent in 2022, according to our econometric models.

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South Korea Inflation Rate

Actual Previous Highest Lowest Dates Unit Frequency
-0.30 0.10 32.50 -0.40 1966 - 2020 percent Monthly
2015=100, NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-03-02 11:00 PM Feb 1.1% 1.5% 1% 0.9%
2020-04-01 11:00 PM Mar 1% 1.1% 0.9% 1%
2020-05-03 11:00 PM Apr 0.1% 1% 0.35% 0.6%
2020-06-01 11:00 PM May -0.3% 0.1% -0.2% -0.4%
2020-07-01 11:00 PM Jun -0.3% 0.1%
2020-08-03 11:00 PM Jul
2020-09-01 11:00 PM Aug
2020-10-05 11:00 PM Sep 1.5%


News Stream
South Korea Consumer Prices Decline in May
South Korea's consumer prices declined by 0.3 percent year-on-year in May 2020 from a 0.1 percent uptick in the previous month, while markets expected a 0.2 percent drop. It was the largest decline since September, mainly explained by demand-side shocks caused by the implementation of measures to prevent and control the COVID-19 outbreak. The decline was mainly explained by prices for transport, down 6.9 percent after falling 2.3 percent in April. Also, education prices fell 2.8 percent after decreasing 2.4 percent. In contrast, prices for food & beverages climbed 2.4 percent after rising 1.7 percent. On a monthly basis, consumer prices went down 0.2 percent after declining 0.6 percent in April, matching expectations.
2020-06-01
South Korea Inflation Rate at 6-Month Low
South Korea's consumer price inflation declined to 0.1 percent year-on-year in April 2020 from 1.0 percent in the previous month and below market expectations of 0.35 percent. It was the lowest rate since last October, due to demand-side shocks caused by implementation of measures to prevent and control the COVID-19 outbreak. Inflation eased for food & non-alcoholic beverages (1.7 percent vs 2.6 percent in March), restaurants & hotels (1.0 percent vs 1.1 percent) and clothing & footwear (0.1 percent vs 0.6 percent). Also, there were declines in prices of transport (-2.3 percent vs 2.7 percent), mainly due to a drop in prices of international airfares, and education (-2.4 percent vs -0.9 percent). On the other hand, inflation picked up for housing & utilities (1.2 percent vs 1.1 percent) and was steady for health (at 1.6 percent). On a monthly basis, consumer prices fell 0.6 percent, while markets had forecast a 0.3 percent drop.
2020-05-03
South Korea Inflation Rate Edges Down
South Korea's consumer price inflation dropped to 1.0 percent year-on-year in March 2020 from 1.1 percent in the previous month and compared to market expectations of 0.9 percent. Slower inflation was mainly explained by a slowdown in prices of transport (2.7 percent vs 6.2 percent in February), namely automobiles in the wake of the government’s tax cut aimed at stimulating consumption. In contrast, inflation for food & non-alcoholic beverages jumped to 2.6 percent from 0.7 percent in the previous month in the midst of the coronavirus outbreak, with vegetable prices soaring 15.2 percent following a 9.2 percent climb in February. Meanwhile, prices for milk, cheese and eggs jumped 4.4 percent (vs 2.5 percent). Also, costs were higher for housing & utilities (1.1 percent vs 0.9 percent); health (1.6 percent vs 1.5 percent) and restaurants & hotels (1.1 percent vs 0.9 percent). On a monthly basis, consumer prices declined 0.2 percent after remaining unchanged in February.
2020-04-01
South Korea Inflation Slows to 1.1% YoY
South Korea's consumer price inflation declined to 1.1 percent year-on-year in February 2020 from 1.5 percent in the previous month and above market expectations of 1 percent. The print follows the highest rate since November 2018 booked in January. The decline was mainly explained by prices of food & non-alcoholic beverages (0.7 percent vs 1.8 percent), housing & utilities (0.9 percent vs 1.4 percent), and health (1.5 percent vs 1.8 percent). Also, prices fell for communication (-1.4 percent), entertainment & culture (-1.8 percent), and education (-0.8 percent). In contrast, transport prices surged 6.2 percent for the second straight month. On a monthly basis, consumer prices remained unchanged after increasing a sharp 0.6 percent in the previous month. Before the coronavirus outbreak, market expectations for 2020 were split between no change to the central bank’s benchmark rate currently standing at 1.25 percent and a 25-bps cut. However, monetary stimulus bets are rising.
2020-03-02

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.