Consumer prices in South Korea rose 5.7% year-on-year in August 2022, slowing from a 24-year high of 6.3% registered in July and coming in below the consensus forecast of 6.1%, as energy and food prices started declining from elevated levels. The country’s annual inflation rate also slowed for the first time since January and marked the slowest pace in three months. This could reduce some pressure on the Bank of Korea, which were among the first central banks to begin its tightening cycle last year, after delivering its first ever 50 basis point rate hike to 2.25% in July. BoK Governor Rhee Chang-yong said at the Jackson Hole symposium last weekend that he would prioritize price concerns if inflation stayed above expectations, as the central bank projected inflation to peak in October. 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 September of 2022.

Inflation Rate in South Korea is expected to be 5.70 percent by the end of this quarter, according to 王者荣耀电竞(江西)积分排榜 global macro models and analysts expectations. In the long-term, the South Korea Inflation Rate is projected to trend around 2.60 percent in 2023 and 2.20 percent in 2024, according to our econometric models.

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South Korea Inflation Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-08-01 11:00 PM Jul 6.3% 6% 6.3% 6.3%
2022-09-01 11:00 PM Aug 5.7% 6.3% 6.1% 6.3%
2022-10-05 11:00 PM Sep


Related Last Previous Unit Reference
Inflation Rate 5.70 6.30 percent Aug 2022
Inflation Rate MoM -0.10 0.50 percent Aug 2022
Consumer Price Index CPI 108.62 108.74 points Aug 2022
Core Inflation Rate 4.43 4.47 percent Aug 2022
Core Consumer Prices 106.53 106.28 points Aug 2022
Food Inflation 7.99 7.99 percent Aug 2022
CPI Transportation 117.40 123.43 points Aug 2022
CPI Housing Utilities 106.99 106.80 points Aug 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
5.70 6.30 32.50 -0.40 1966 - 2022 percent Monthly
NSA

News Stream
South Korea Inflation Slows More than Expected
Consumer prices in South Korea rose 5.7% year-on-year in August 2022, slowing from a 24-year high of 6.3% registered in July and coming in below the consensus forecast of 6.1%, as energy and food prices started declining from elevated levels. The country’s annual inflation rate also slowed for the first time since January and marked the slowest pace in three months. This could reduce some pressure on the Bank of Korea, which were among the first central banks to begin its tightening cycle last year, after delivering its first ever 50 basis point rate hike to 2.25% in July. BoK Governor Rhee Chang-yong said at the Jackson Hole symposium last weekend that he would prioritize price concerns if inflation stayed above expectations, as the central bank projected inflation to peak in October.
2022-09-02
South Korea Inflation Hits Near 24-Year High
Consumer prices in South Korea jumped 6.3% year-on-year in July 2022, accelerating from a 6% increase in the previous month and rising at the fastest pace since November 1998 due to high energy and food prices. The country’s inflation rate also held above the central bank’s 2% target for the 16th consecutive month, keeping the pressure on the Bank of Korea to tighten policy further to curb price growth. The BOK delivered its first-ever 50 basis point rate hike to 2.25% earlier in July to arrest surging prices, for its sixth rate increase since August 2021. Inflationary pressure in South Korea has built up as the recovery in demand from the pandemic slump coincided with the war between Russia and Ukraine, pushing up oil and other commodity prices.
2022-08-01
South Korea Inflation Hits 24-Year High
Consumer prices in South Korea rose 6% year-on-year in June 2022, the fastest pace since November 1998, as higher prices of industrial goods, services, agricultural products and utility bills kept adding to inflationary pressure amid increasing raw-material prices. The data followed a 5.4% increase in May and came in above expectations for a 5.9% gain. The country’s inflation rate also held above the central bank’s 2% target for the 15th consecutive month, keeping the pressure on the Bank of Korea to tighten policy further to curb price growth. Analysts are betting that the central bank will raise its policy rate in July by 50 basis points, rather than the usual 25 bps, to arrest rising prices. The BOK raised its base rate by 25 bps to 1.75% in May, the fifth rate increase since August 2021, and signaled more rate hikes in the coming months.
2022-07-04