Korea Inflation December 2021


Korea: Inflation decreases in December

January 3, 2022

Consumer prices increased 0.16% from the previous month in December, coming in below the 0.50% increase logged in November. December's result marked the weakest reading since June. Looking at the details of the release, the change in the prices for housing and utilities was largely steady in December, although prices for transportation dropped after growing in the previous month. Meanwhile, food and non-alcoholic beverages prices were largely steady.

Inflation came in at 3.7% in December, which was down from November’s 3.8%. Annual average inflation rose to 2.5% in December (November: 2.2%). Lastly, core inflation rose to 2.7% in December, from the previous month's 2.4%.

FocusEconomics panelists project inflation averaging 2.0% 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 December 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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