Korea Inflation October 2021


Korea: Inflation comes in at highest level since January 2012 in October

November 2, 2021

Consumer prices increased 0.13% over the previous month in October, below the 0.50% rise logged in September. October's result marked the softest rise in prices since June. Looking at the details of the release, food and non-alcoholic beverages prices dropped in October compared to the previous month. Moreover, prices for communication also slumped in October. Contrastingly, prices for transportation, recreation and culture and restaurants and hotels increased.

Inflation increased to 3.2% in October, following September’s 2.5%. October's figure represented the highest inflation rate since January 2012. Annual average inflation rose to 1.9% in October (September: 1.6%). Finally, core inflation rose to 2.8% in October, from September’s 1.9%.

FocusEconomics panelists project inflation averaging 1.6% in 2022, which is unchanged from last month’s forecast, and 1.6% again in 2023.


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Korea Inflation Chart

Korea Inflation October 2021 0

Note: Month-on-month and year-on-year changes of consumer price index in %.
Source: National Statistics Office of Korea (KOSTAT).

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