South Korea's consumer prices increased 1 percent year-on-year in September of 2020 following a 0.7 percent rise in the previous month, while markets expected a 0.7 percent gain. It was the highest inflation rate since March. Compared to the same month last year, food increased by 5.2 percent and non-food products decreased by 1.5 percent. On a monthly basis, inflation jumped 0.7 percent after rising 0.6 percent in the previous month, rising more than the 0.4 percent expected by consensus.

Inflation Rate in South Korea averaged 7.09 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 October of 2020. source: Statistics Korea

Inflation Rate in South Korea is expected to be 0.60 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 1.20 in 12 months time. In the long-term, the South Korea Inflation Rate is projected to trend around 1.50 percent in 2021 and 1.70 percent in 2022, according to our econometric models.

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South Korea Inflation Rate

Actual Previous Highest Lowest Dates Unit Frequency
1.00 0.70 32.50 -0.40 1966 - 2020 percent Monthly
2015=100, NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-07-01 11:00 PM Jun 0.0% -0.3% -0.1% -0.1%
2020-08-03 11:00 PM Jul 0.3% 0% 0.35% 0.5%
2020-09-01 11:00 PM Aug 0.7% 0.3% 0.4% 0.4%
2020-10-05 11:00 PM Sep 1% 0.7% 0.7% 0.7%
2020-11-02 11:00 PM Oct 1% 0.8%
2020-12-01 11:00 PM Nov 1.3%
2020-12-30 11:00 PM Dec 1.1%


News Stream
South Korea Inflation Rises More than Expected
South Korea's consumer prices increased 1 percent year-on-year in September of 2020 following a 0.7 percent rise in the previous month, while markets expected a 0.7 percent gain. It was the highest inflation rate since March. Compared to the same month last year, food increased by 5.2 percent and non-food products decreased by 1.5 percent. On a monthly basis, inflation jumped 0.7 percent after rising 0.6 percent in the previous month, rising more than the 0.4 percent expected by consensus.
2020-10-05
South Korea Inflation Hits 5-Month High
South Korea's consumer prices increased 0.7 percent year-on-year in August of 2020 following a 0.3 percent rise in the previous month, while markets expected a 0.4 percent gain. It was the highest inflation rate since March. The jump was mainly explained by a 15.8 percent increase in the fresh foods subindex, up from an 8.4 percent climb in the previous month. On a monthly basis, inflation jumped 0.6 percent after remaining unchanged in the previous month, rising the most in seven months.
2020-09-01
South Korea Consumer Prices Remain Unchanged
South Korea's consumer prices remained unchanged year-on-year in June 2020 from a 0.3 percent decline in the previous month, while markets expected a 0.1 percent drop. Main downward pressure came from prices for transport, down 5.6 percent after falling 6.9 percent in Mayl. Also, education prices fell 2.9 percent after decreasing 2.8 percent. In contrast, prices for food & beverages climbed 3.3 percent after rising 2.4 percent. On a monthly basis, consumer prices went up 0.2 percent after declining 0.2 percent in May, climbing more than market expectations of 0.05 percent.
2020-07-01
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
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.