Latest reading: Consumer prices rose 2.5% in annual terms in July, following a 2.6% rise in the prior month. Relative...
Inflation in Korea
The Republic of Korea maintained moderate inflation rates over the last decade, 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 still below the OECD average. Inflation came down in 2023 and 2024 thanks to the lagged impact of successive rate hikes by the Central Bank.
In the year 2024, the inflation in Korea was 2.32%, compared to 1.27% in 2014 and 3.60% in 2023. It averaged 1.89% over the last decade. 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 2025.
Source: Macrobond.
Korea Inflation Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 2.5 | 5.1 | 3.6 | 2.3 | 2.0 |
| Inflation (CPI, ann. var. %, eop) | 3.7 | 5.0 | 3.2 | 1.9 | 2.0 |
| Inflation (Core, ann. var. %, aop) | 1.4 | 3.6 | 3.4 | 2.2 | - |
| Inflation (PPI, ann. var. %, aop) | 6.4 | 8.4 | 1.6 | 1.7 | 1.1 |
Inflation slows in July from June
Latest reading: Consumer prices increased 2.8% in annual terms in July, following a 3.2% rise in the previous month. Relative to the prior month's figures, there were milder price pressures for transportation (+7.7% in annual terms vs +11.1% in June) and food and non-alcoholic beverages (+0.9% vs +2.0% in June). In contrast, there were higher price pressures for housing and utilities (+1.8% vs +1.7% in June), recreation and culture (+5.5% vs +5.4% in June) and clothing and footwear (+2.8% vs +2.6% in June). Meanwhile, core consumer prices were up 2.6% in annual terms in July, following a 2.5% rise in the prior month. Finally, consumer prices fell 0.18% in July in month-on-month terms, following a 0.06% increase in the prior month.
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 35 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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Taiwan: Inflation decelerates in July from June -
Korea: Inflation slows in July from June Latest reading: Consumer prices increased 2.8% in annual terms in July, following a 3.2% rise in the previous month. Relative... -
Qatar: Inflation is stable in June Latest reading: Consumer prices were up 2.2% on a year-on-year basis in June, unchanged from the prior month’s reading. Relative... -
Switzerland: Inflation eases in July from the prior month Latest reading: Consumer prices were up 0.4% on a year-on-year basis in July, following a 0.5% rise in the previous... -
Indonesia: Inflation decelerates in July from the prior month Latest reading: Consumer prices rose 2.9% on a year-on-year basis in July, following a 3.3% increase in the prior month... -
Vietnam: Inflation ebbs in July from June Latest reading: Consumer prices increased 4.4% in annual terms in July, following a 4.7% rise in the prior month and... -
Poland: Inflation accelerates in July from June Latest reading: Consumer prices were up 3.0% on a year-on-year basis in July, following a 2.5% increase in the prior...