The annual inflation rate in South Korea increased to 2.3 percent in April of 2021 from 1.5 percent in the previous month and beating market estimates of a 2.2 percent gain. It was the highest inflation rate since August of 2017, as prices advanced faster for housing (0.5 percent vs 0.4 percent in March), restaurants and hotels (1.8 percent vs 1.4 percent) and transport (6.4 percent vs 2.0 percent). Meanwhile, food & non-alcoholic beverages prices slowed (8.1 percent vs 8.4 percent). On a monthly basis, consumer prices climbed 0.2 percent after rising 0.1 percent in March, also above market expectations of a 0.1 percent increase. source: Statistics Korea

Inflation Rate in South Korea averaged 7.03 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 May of 2021.

Inflation Rate in South Korea is expected to be 3.00 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 3.10 in 12 months time. In the long-term, the South Korea Inflation Rate is projected to trend around 2.00 percent in 2022, according to our econometric models.

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South Korea Inflation Rate

Actual Previous Highest Lowest Dates Unit Frequency
2.30 1.50 32.50 -0.40 1966 - 2021 percent Monthly
2015=100, NSA


Calendar GMT Actual Previous Consensus TEForecast
2021-02-01 11:00 PM Jan 0.6% 0.5% 0.3% 0.2%
2021-03-03 11:00 PM Feb 1.1% 0.6% 1% 0.9%
2021-04-01 11:00 PM Mar 1.5% 1.1% 1.35% 1.4%
2021-05-03 11:00 PM Apr 2.3% 1.5% 2.15% 2.3%
2021-06-01 11:00 PM May 2.3% 2.7%
2021-07-01 11:00 PM Jun
2021-08-02 11:00 PM Jul
2021-09-01 11:00 PM Aug


News Stream
South Korea Inflation Hits Highest Level Since 2017
The annual inflation rate in South Korea increased to 2.3 percent in April of 2021 from 1.5 percent in the previous month and beating market estimates of a 2.2 percent gain. It was the highest inflation rate since August of 2017, as prices advanced faster for housing (0.5 percent vs 0.4 percent in March), restaurants and hotels (1.8 percent vs 1.4 percent) and transport (6.4 percent vs 2.0 percent). Meanwhile, food & non-alcoholic beverages prices slowed (8.1 percent vs 8.4 percent). On a monthly basis, consumer prices climbed 0.2 percent after rising 0.1 percent in March, also above market expectations of a 0.1 percent increase.
2021-05-03
South Korea Inflation Rate at 14-Month High of 1.5%
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.
2021-04-01
South Korea Inflation Rate Jumps to 1.1% YoY
Consumer prices in South Korea increased by 1.1 percent in February after climbing 0.6 percent in January, compared to market expectations of 1 percent, as consumption regained steam following soft readings. The main contributor to the inflationary uptick was utilities, rising 1.2 percent after increasing 0.3 percent in January. Meanwhile, fresh food inflation gained steam and remained well above average (16.2 percent vs 10 percent in January). On a monthly basis, consumer prices climbed 0.5 percent after rising 0.8 percent in January, also above market expectations of a 0.35 percent increase.
2021-03-03
South Korea Inflation Rate Edges Up
Consumer prices in South Korea increased by 0.6 percent in January after climbing 0.5 percent in December, compared to market expectations of 0.3 percent, as consumption regained steam following soft readings. The main contributor to the inflationary uptick was utilities, rebounding 0.3 percent after edging down 0.1 percent. Meanwhile, fresh food inflation lost steam, but still remained well above average (9.2 percent vs 10 percent in December). On a monthly basis, consumer prices jumped 0.8 percent after rising 0.2 percent in December, well above market expectations of a 0.5 percent increase.
2021-02-01

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.