Inflation fell to 0.4% in August, below July’s 0.8%. August’s figure represented the lowest inflation rate since April. Looking at...
Inflation in Korea
The Republic of Korea maintained moderate inflation rates from 2013 to 2022, averaging around 2%. Inflation was notably below this threshold in the years before the COVID-19 pandemic, and surged in 2021 and 2022 on economic recovery, supply constraints and high commodity prices. That said, inflation in 2022 was below the OECD average.
Consumer price inflation in Korea averaged 1.6% in the ten years to 2022, below the Asia-Pacific regional average of 2.1%. The 2022 average figure was 5.1%. For more inflation information, visit our dedicated page.
Korea Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Korea from 2014 to 2023.
Source: Macrobond.
Korea Inflation Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 0.4 | 0.5 | 2.5 | 5.1 | 3.6 |
| Inflation (CPI, ann. var. %, eop) | 0.7 | 0.6 | 3.7 | 5.0 | 3.2 |
| Inflation (Core, ann. var. %, aop) | 0.7 | 0.4 | 1.4 | 3.6 | 3.4 |
| Inflation (PPI, ann. var. %, aop) | 0.0 | -0.5 | 6.4 | 8.4 | 1.6 |
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Korean inflation projections for the next ten years from a panel of 31 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Korean inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Korean inflation projections.
Want to get access to the full dataset of Korean inflation forecasts? Send an email to info@focus-economics.com.
Latest Global Inflation News
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Thailand: Inflation drops to lowest level since April in August -
Indonesia: Inflation stabilizes in August Inflation remained at 2.1% in August, unchanged from July’s figure. August’s result marked the joint-lowest inflation rate since February 2022.... -
Peru: Inflation drops to lowest level since May in August Inflation inched down to 2.0% in August, following July’s 2.1%. August’s figure marked the weakest inflation rate since May, and... -
Kazakhstan: Inflation drops in August Inflation ticked down to 8.4% in August from July’s 8.5%, though remaining entrenched above the Central Bank’s 5.0% medium-term target.... -
Korea: Inflation falls to lowest level since March 2021 in August Inflation fell to 2.0% in August, following July’s 2.6%. August’s reading represented the weakest inflation rate since March 2021, and... -
Kenya: Inflation increases in August Inflation ticked up to 4.4% in August from July’s 4.3%. Looking at the details of the release, faster price pressures... -
Euro Area: Inflation declines in August Harmonized inflation fell to 2.2% in August from July’s 2.6%. August’s figure represented the smallest increase since July 2021 and...