This statistic shows the average inflation rate in South Korea from 1987 to 2023, with projections up until 2029. In 2023, the average inflation rate in South Korea amounted to about 3.59 percent compared to the previous year. For further info, see the South Korean GDP.

South Korea's low inflation

High rates of inflation are undesireable, just like low rates, and South Korea is currently struggling with the latter. South Korea is actually an affluent country and currently ranks 11th on the list of the 20 countries with the largest GDP, but its inflation rate is subject to concern, as it is currently at levels below 2 percent.

However, there is still hope that inflation will return to stable rates between 3 and 4.5 percent in the next few years, and there are also signs that consumer confidence is rising after two years of weak economic growth and sluggish domestic consumption and investment. The unemployment rate remains low with levels staying in the range of 3 percent - close to full employment – yet there are still obstacles including an aging population and a heavy reliance on exports. At present, South Korea is attempting to balance its reliance on exports by expanding the service industry, especially as the export market slows.

Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used.

Core consumer prices in South Korea increased 1.90 percent in February of 2025 over the same month in the previous year. This dataset provides the latest reported value for - South Korea Core Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In December 2024, consumer prices in South Korea had increased by about 1.9 percent compared to the same month of the previous year. Consumer price inflation hit a decade-high in July 2022.

In 2024, the inflation rate in South Korea was about 2.3 percent. Other goods and services experienced the fastest price increase at about 4.1 percent, while food and non-alcoholic beverages followed with a price increase of around 3.9 percent.

Inflation Expectations in South Korea remained unchanged at 2.70 percent in March. This dataset provides - South Korea Consumer Inflation Expectations- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Inflation, GDP deflator: linked series (annual %) in South Korea was reported at 2.0641 % in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. South Korea - Inflation, GDP deflator: linked series (annual %) - actual values, historical data, forecasts and projections were sourced from the World Bank on February of 2025.

Korea Consumer Survey Index: Expected Inflation data was reported at 2.400 Point in Nov 2018. This records a decrease from the previous number of 2.500 Point for Oct 2018. Korea Consumer Survey Index: Expected Inflation data is updated monthly, averaging 3.100 Point from Feb 2002 (Median) to Nov 2018, with 202 observations. The data reached an all-time high of 4.600 Point in Oct 2008 and a record low of 2.400 Point in Nov 2018. Korea Consumer Survey Index: Expected Inflation data remains active status in CEIC and is reported by The Bank of Korea. The data is categorized under Global Database’s South Korea – Table KR.H031: Consumer Survey Index: The Bank of Korea: Expected Inflation.

In 2024, Seoul saw a consumer price inflation rate of approximately 2.4 percent. The highest inflation rate in the last 20 years was reported in 2022, at 4.5 percent.

South Korea inflation rate for 2023 was 3.60%, a 1.49% decline from 2022.

• South Korea inflation rate for 2022 was 5.09%, a 2.59% increase from 2021.
• South Korea inflation rate for 2021 was 2.50%, a 1.96% increase from 2020.
• South Korea inflation rate for 2020 was 0.54%, a 0.15% increase from 2019.

Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used.

Graph and download economic data for Consumer Price Index: OECD Groups: All Items Non-Food Non-Energy: Total for Korea (CPGRLE01KRM657N) from Jan 1990 to Nov 2023 about Korea, core, all items, CPI, inflation, price index, indexes, and price.

Graph and download economic data for Consumer Price Indices (CPIs, HICPs), COICOP 1999: Consumer Price Index: All Items Non-Food Non-Energy for Korea (CPGRLE01KRM659N) from Jan 1990 to Feb 2025 about Korea, core, all items, CPI, inflation, price index, indexes, and price.

In 2024, consumer prices in South Korea increased by 2.3 percent compared to the previous year. Agricultural and marine products experienced the highest price increase at about 5.9 percent.

Korea Inflation:(GDP) Gross Domestic ProductDeflator data was reported at 2.265 % in 2017. This records an increase from the previous number of 1.978 % for 2016. Korea Inflation:(GDP) Gross Domestic ProductDeflator data is updated yearly, averaging 6.042 % from Dec 1961 (Median) to 2017, with 57 observations. The data reached an all-time high of 30.567 % in 1974 and a record low of -1.185 % in 1999. Korea Inflation:(GDP) Gross Domestic ProductDeflator data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s South Korea – Table KR.World Bank.WDI: Inflation. Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. The GDP implicit deflator is the ratio of GDP in current local currency to GDP in constant local currency.; ; World Bank national accounts data, and OECD National Accounts data files.; Median;

The inflation rate in North Korea was recorded at 55 percent in July of 2013. This dataset provides - North Korea Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Korea Consumer Survey Index: Expected Inflation: 2 to 3% data was reported at 31.600 Point in Oct 2018. This records an increase from the previous number of 29.700 Point for Sep 2018. Korea Consumer Survey Index: Expected Inflation: 2 to 3% data is updated monthly, averaging 28.600 Point from Jan 2013 (Median) to Oct 2018, with 70 observations. The data reached an all-time high of 33.300 Point in Sep 2013 and a record low of 25.100 Point in Feb 2013. Korea Consumer Survey Index: Expected Inflation: 2 to 3% data remains active status in CEIC and is reported by The Bank of Korea. The data is categorized under Global Database’s Korea – Table KR.H031: Consumer Survey Index: The Bank of Korea: Expected Inflation.

According to a survey conducted in South Korea in January 2025, the expected inflation rate of consumer prices for the coming year was 2.9 percent. Inflation expectations have shown a declining trend over the past several months.

Key information about South Korea Core CPI Change

• South Korea Core CPI Change was reported at 1.920 % in Feb 2025.
• This records a decrease from the previous number of 2.023 % for Jan 2025.
• South Korea Core CPI Change data is updated monthly, averaging 3.213 % from Jan 1976 to Feb 2025, with 590 observations.
• The data reached an all-time high of 30.465 % in Dec 1980 and a record low of -0.348 % in May 1999.
• South Korea Core CPI Change data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Core CPI: Y-o-Y Growth: Monthly.

CEIC calculates Core Consumer Price Index Growth from monthly Core Consumer Price Index. Statistics Korea provides Core Consumer Price Index with base 2020=100. Core Consumer Price Index excludes Agricultural Products and Oil.

A Fogyasztói Árindex Dél-Koreában 0,70 százalékkal nőtt 2025 januárjában az előző hónaphoz képest. Az oldal aktuális és múlbeli adatokat, elorejelzéseket, statisztikákat, grafikonokat és a gazdasági naptár adatait tartalmazza - Dél-Korea - Infláció (hó/hó).

Die Inflationsrate in Südkorea stieg im Januar von 1,90 Prozent im Dezember 2024 auf 2,20 Prozent. Diese Werte, historische Daten, Prognosen, Statistiken, Diagramme und ökonomische Kalender - Südkorea - Inflationsrate.