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.

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.

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 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.

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.

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.

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.

Inflation, GDP deflator (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 (annual %) - actual values, historical data, forecasts and projections were sourced from the World Bank on March of 2025.

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.

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.

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.

In 2024, consumer prices in Incheon increased by 2.6 percent compared to the previous year, which was the highest inflation rate among all provinces and cities in South Korea. The overall inflation rate for South Korea stood at 2.3 percent that year.

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.

This dataset provides values for INFLATION RATE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

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.

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).

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 December 2024, consumer prices in South Korea increased by 0.4 percent compared to the previous month. August 2023 experienced the highest monthly inflation rate during the examined period.

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.