Consumer prices in South Korea rose 4.8% in April 2022 from a year earlier, accelerating at the fastest pace in over 13 years, led by a surge in energy and some food prices. The data also followed a 4.1% rise in the previous month and came in well above the 4.4% consensus forecast. South Korea’s inflation rate has held above the central bank’s 2% target for a 13th consecutive month, keeping the pressure on the Bank of Korea to tighten policies more aggressively. The BOK raised its benchmark interest rate by 25 basis points to 1.5% in a surprise move in April as it ramped up the fight against rampant inflation. It marked the fourth increase of the bank’s base rate since it kicked off a policy tightening cycle in August last year as one of the first central banks in high-income countries to do so. source: Statistics Korea
Inflation Rate in South Korea averaged 6.96 percent from 1966 until 2022, 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 2022.
Inflation Rate in South Korea is expected to be 5.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Korea Inflation Rate is projected to trend around 1.60 percent in 2023 and 2.20 percent in 2024, according to our econometric models.