Consumer prices in South Korea rose 0.7 percent year-on-year in December 2019, after rising 0.2 percent in the previous month and slightly above market forecasts of a 0.6 percent increase. It was the highest inflation rate in six months mainly due to cost of housing & utilities (1.3 percent), transport (2.2 percent), and restaurants & hotels (1.0 percent). On a monthly basis, consumer prices rebounded 0.2 percent after declining 0.6 percent in November. The average rate of inflation for all of 2019 eased to a record-low 0.4 percent from 1.5 percent in 2018, raising expectations that the central bank might cut rates further in 2020.
Inflation Rate in South Korea averaged 7.18 percent from 1966 until 2019, 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. source: Statistics Korea
Inflation Rate in South Korea is expected to be 0.50 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 1.50 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.