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.

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South Korea Inflation Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.70 0.20 32.50 -0.40 1966 - 2019 percent Monthly
2015=100, NSA

Calendar GMT Actual Previous Consensus TEForecast
2019-09-30 11:00 PM Sep -0.4% 0% -0.3% -0.2%
2019-10-31 11:00 PM Oct 0% -0.4% -0.3% -0.4%
2019-12-01 11:00 PM Nov 0.2% 0% 0.5% 0.6%
2019-12-30 11:00 PM Dec 0.7% 0.2% 0.6% 0.5%
2020-02-03 11:00 PM Jan 0.7% 0.9%


News Stream
2019-12-01
South Korea November Inflation Rate at 4-Month High
Consumer prices in South Korea rose 0.2 percent year-on-year in November 2019, after being unchanged in the previous month but below market forecasts of a 0.5 percent gain. It was the first increase in consumer prices in four months mainly due to a higher cost of utilities.

2019-10-31
South Korea Consumer Prices Flat in October
Consumer prices in South Korea remained unchanged year-on-year in October 2019, following a 0.4 percent decline in the previous month and compared with market expectations of a 0.3 percent drop. Prices avoided a second month of deflation after booking in September the first fall since data releases began in 1965, as higher utility prices offset decreased prices of agricultural products.

2019-09-30
South Korea Posts Deflation for the First Time on Record
Consumer prices in South Korea fell 0.4 year-on-year in September 2019, following a flat reading in the previous month and compared with market expectations of a 0.3 percent decline. That was the first deflation since data releases began in 1965, mainly due to a plunge in cost of farm products as improved weather boosted production.

2019-09-02
South Korea Inflation Hits Record Low
Consumer prices in South Korea were unchanged year-on-year August 2019, easing from a 0.6 percent gain in the previous month and missing market expectations of a 0.3 percent rise. That was the lowest inflation rate since the country began releasing inflation data in 1965 due mainly to a plunge in fresh foods prices. The core CPI, which excludes oil and agricultural products, advanced 0.9 percent in August, below 1 percent in July. On a monthly basis, consumer prices increased 0.2 percent in August, reversing a 0.3 percent fall in July, but missing expectations of a 0.5 percent increase.

2019-07-31
South Korea Inflation Rate Edges Down to 0.6% YoY
South Korea's annual inflation rate edged down to 0.6 percent in June 2019 from 0.7 percent in the previous month and compared to market expectations of a 0.85 percent increase. Slower inflation was mainly explained by a 1.6 percent decline in the fresh food index (vs 0.0 in May). In contrast, prices for utilities climbed 2.0 percent after a 1.3 percent climb. On a monthly basis, consumer prices fell 0.3 percent, after declining 0.2 percent in the previous month and compared to market forecasts of an unchanged reading.

2019-07-01
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. 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.


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.

South Korea Prices Last Previous Highest Lowest Unit
Inflation Rate 0.70 0.20 32.50 -0.40 percent [+]
Inflation Rate Mom 0.20 -0.60 5.29 -2.52 percent [+]
Consumer Price Index CPI 105.12 104.87 105.65 2.63 points [+]
Core Consumer Prices 105.35 105.22 105.54 9.61 points [+]
Core Inflation Rate 0.60 0.50 30.50 -0.40 percent [+]
GDP Deflator 105.20 103.90 106.94 0.79 points [+]
Producer Prices 103.71 103.41 107.95 5.03 points [+]
Producer Prices Change 0.70 -0.10 47.40 -4.70 percent [+]
Export Prices 97.54 96.74 202.14 17.87 points [+]
Import Prices 108.84 107.11 145.47 5.99 points [+]
Food Inflation 0.10 -0.70 6434.02 -4.50 percent [+]
Inflation Expectations 1.70 1.70 4.60 1.70 percent [+]
Cpi Housing Utilities 103.50 103.33 103.50 31.61 points [+]
CPI Transportation 103.58 103.12 112.54 27.63 points [+]