South Korea's annual inflation rate rose to 0.6 percent in April of 2019 from 0.4 percent in the previous month and above market expectations of 0.4 percent. It was the highest inflation rate in three months, amid a faster rise in prices of food and a softer decline in cost of transport. On a monthly basis, consumer prices increased 0.4 percent, rebounding from a 0.2 percent drop in March, and higher than market consensus of a 0.2 percent rise. Inflation Rate in South Korea averaged 7.27 percent from 1966 until 2019, reaching an all time high of 32.50 percent in October of 1980 and a record low of 0.20 percent in February of 1999.

Inflation Rate in South Korea is expected to be 0.70 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 2020, according to our econometric models.

South Korea Inflation Rate
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Calendar GMT Actual Previous Consensus TEForecast
2019-01-31 11:00 PM Inflation Rate YoY 0.8% 1.3% 1.3% 1.6%
2019-03-04 11:00 PM Inflation Rate YoY 0.5% 0.8% 0.5% 0.7%
2019-04-01 11:00 PM Inflation Rate YoY 0.4% 0.5% 0.9% 0.5%
2019-05-01 11:00 PM Inflation Rate YoY 0.6% 0.4% 0.4% 0.5%
2019-06-03 11:00 PM Inflation Rate YoY 0.6% 0.5%
2019-07-01 11:00 PM Inflation Rate YoY 0.7%
2019-07-31 11:00 PM Inflation Rate YoY 0.9%



South Korea Annual Inflation Rate at 3-Month High in April

South Korea's annual inflation rate rose to 0.6 percent in April of 2019 from 0.4 percent in the previous month and above market expectations of 0.4 percent. It was the highest inflation rate since January, amid a faster rise in prices of food and a softer decline in cost of transport.

Year-on-year, prices of food and non-alcoholic beverages increased by 1.4 percent in April, accelerating from a 1.1 percent rise in March and marking the highest food inflation in three months. In addition, cost of transport decreased less (-1.9 percent vs -3.6 percent) and prices of alcoholic beverages & tobacco rebounded (0.1 percent vs -0.1 percent). Also, prices of household equipment & routine maintenance rose further (3.3 percent vs 2.4 percent) and cost of health was unchanged, following a 0.5 percent fall in March. On the other hand, prices slowed for housing & utilities (1 percent vs 1.2 percent); restaurant & hotels (1.9 percent vs 2.2 percent); and education (1 percent vs 1.2 percent) and inflation was steady for miscellaneous goods & services (at 1.5 percent, the same as in March). Additionally, cost fell for both recreation & culture (-0.4 percent vs 0.2 percent) and clothing & footwear (-0.2 percent vs flat reading in March); and prices of communication dropped at a faster pace (-2.6 percent vs -2.4 percent). 

For 2019, the Bank of Korea targets inflation rate to be at 2 percent.

Core CPI, which excludes oil and agricultural products, increased by 0.7 percent year-on-year in April, the same as a downwardly revised figure in March and remaining at its lowest since December 1999.

On a monthly basis, consumer prices went up 0.4 percent in April, swinging from a 0.2 percent fall in March while markets had estimated a 0.2 percent rise.


Statistics Korea l Rida Husna | rida@tradingeconomics.com
5/2/2019 9:30:09 AM



South Korea Prices Last Previous Highest Lowest Unit
Inflation Rate 0.60 0.40 32.50 0.20 percent [+]
Inflation Rate Mom 0.40 -0.20 5.29 -2.52 percent [+]
Consumer Price Index CPI 104.87 104.49 105.60 2.63 Index Points [+]
Core Consumer Prices 105.47 105.31 105.47 9.61 Index Points [+]
Core Inflation Rate 0.70 0.70 30.50 -0.30 percent [+]
GDP Deflator 109.34 113.94 113.94 0.79 Index Points [+]
Producer Prices 104.14 103.78 108.97 5.08 Index Points [+]
Producer Prices Change 0.10 -0.20 47.40 -4.70 percent [+]
Export Prices 83.48 83.09 168.80 14.92 Index Points [+]
Import Prices 88.91 87.62 116.89 4.81 Index Points [+]
Food Inflation 1.40 1.10 6434.02 -4.50 percent [+]
Inflation Expectations 2.10 2.30 4.60 2.10 percent [+]
Cpi Housing Utilities 102.76 103.01 103.15 31.61 Index Points [+]
CPI Transportation 100.78 99.30 112.54 27.63 Index Points [+]


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. 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 - actual data, historical chart and calendar of releases - was last updated on May of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.60 0.40 32.50 0.20 1966 - 2019 percent Monthly
2015=100, NSA




Country Last Previous
Argentina 55.80 Apr/19
Australia 1.30 Mar/19
Brazil 4.94 Apr/19
Canada 2.00 Apr/19
China 2.50 Apr/19
Euro Area 1.70 Apr/19
France 1.30 Apr/19
Germany 2.00 Apr/19
India 2.92 Apr/19
Indonesia 2.83 Apr/19
Italy 1.10 Apr/19
Japan 0.50 Mar/19
Mexico 4.41 Apr/19
Netherlands 2.90 Apr/19
Russia 5.20 Apr/19
Saudi Arabia -2.10 Mar/19
Singapore 0.60 Mar/19
South Africa 4.50 Mar/19
South Korea 0.60 Apr/19
Spain 1.50 Apr/19
Switzerland 0.70 Apr/19
Turkey 19.50 Apr/19
United Kingdom 1.90 Mar/19
United States 2.00 Apr/19


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