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.