The annual inflation rate in South Korea increased to 2.6 percent in May of 2021 from 2.3 percent in the previous month and in line with market expectations. It was the highest inflation rate since August of 2017, as prices advanced faster for housing (1.1 percent vs 0.5 percent in April), restaurants and hotels (2.0 percent vs 1.8 percent) and transport (9.2 percent vs 6.4 percent). Meanwhile, food & non-alcoholic beverages prices slowed (7.4 percent vs 8.1 percent). On a monthly basis, consumer prices climbed 0.1 percent after rising 0.2 percent in April, also in line with market expectations. 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 June 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.