Korea Inflation November 2021


Korea: Inflation comes in at highest level since December 2011 in November

December 2, 2021

Consumer prices rose 0.40% in November over the previous month, accelerating from October's 0.13% increase. Looking at the details of the release, food and non-alcoholic beverages prices rose in November after dropping in the previous month, while price pressures for transportation picked up pace.

Inflation rose to 3.7% in November, following October’s 3.2%. November's figure was the highest inflation rate since December 2011. Annual average inflation rose to 2.2% in November (October: 1.9%). Finally, core inflation fell to 2.3% in November, from the previous month's 2.8%.

FocusEconomics panelists project inflation averaging 1.8% in 2022, which is up 0.2 percentage points from last month’s forecast, and 1.6% in 2023.


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Korea Inflation Chart

Korea Inflation November 2021 1

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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