South Korea's consumer price inflation increased to 1.5 percent year-on-year in March 2021 from 1.1 percent in the previous month and beating market expectations of 1.35 percent. It was the highest inflation rate since January last year, due mainly to a faster rise in prices of housing & utilities (0.4 percent vs 0.1 percent) while transport prices rebounded sharply (2.0 percent vs -2.0 percent). Also, inflation accelerated for restaurants & hotels (1.4 percent vs 1.2 percent in February) and was steady for health (at 1.1 percent). On the other hand, prices continued to increase for food & non-alcoholic beverages (8.4 percent vs 9.7 percent) and clothing & footwear (0.3 percent vs 0.5 percent). In addition, prices of and education fell less (-2.7 percent vs -2.9 percent). On a monthly basis, consumer prices edged up 0.1 percent, while markets had forecast a 0.1 percent drop. source: Statistics Korea
Inflation Rate in South Korea averaged 7.04 percent from 1966 until 2021, 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 April of 2021.
Inflation Rate in South Korea is expected to be 3.50 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 2.30 in 12 months time. In the long-term, the South Korea Inflation Rate is projected to trend around 1.70 percent in 2022 and 2.00 percent in 2023, according to our econometric models.