Korea Inflation May 2021


Korea: Inflation comes in at highest level since March 2012 in May

June 2, 2021

Consumer prices increased 0.07% in May over the previous month, slowing down from April's 0.21% rise. Looking at the details of the release, prices for housing and utilities rose in May, although prices for transportation grew at a softer rate. Meanwhile, food and non-alcoholic beverages prices declined at a more pronounced rate. In addition, prices for recreation and culture grew at a more subdued pace.

Inflation inched up to 2.6% in May, above April’s 2.3%. May's result represented the highest inflation rate since March 2012. Meanwhile, the trend pointed up, with annual average inflation coming in at 1.0% in May (April: 0.7%). Core inflation rose to 1.5% in May, from April’s 1.4%.

FocusEconomics panelists project inflation averaging 1.5% in 2021, which is unchanged from last month’s forecast, and 1.4% in 2022.


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Korea Inflation Chart

Korea Inflation May 2021

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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