The annual inflation rate in South Korea fell to 2.4 percent in June of 2021 from a near four-month high of 2.6 percent in the previous month and compared with market estimates of 2.5 percent. Prices of food & non-alcoholic beverages rose by 6.5 percent, the least in five months, after a 7.4 percent rise in May. Also, cost eased for health (0.7 percent vs 0.8 percent in May), transport (8.3 percent vs 9.2 percent), and recreation & culture (0.8 percent vs 1 percent). In addition, cost continued to fall for both communication (-2.3 percent vs -2.1 percent) and education (-0.7 percent vs -0.8 percent). By contrast, inflation went up for both housing (1.2 percent vs 1.1 percent in May), restaurants and hotels (2.2 percent vs 2 percent). On a monthly basis, consumer prices fell by 0.1 percent in June, the first monthly decline in seven months, after a 0.1 percent gain in May and compared with forecasts of a 0.05 percent rise. source: Statistics Korea
Inflation Rate in South Korea averaged 7.02 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 July of 2021.
Inflation Rate in South Korea is expected to be 2.40 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 3.00 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.