Korea Inflation September 2020


Korea: Inflation hits highest level since March in September

October 6, 2020

Consumer prices increased 0.66% in September over the previous month, slightly up from the 0.61% increase recorded in August. September's figure was the sharpest increase in prices since September 2018. The reading was largely due to rising prices for food and non-alcoholic beverages as well as for housing and utilities.

Inflation came in at 1.0% in September, up from August’s 0.7%. September's reading represented the highest inflation rate since March. Annual average inflation ticked up to 0.5% in September (August: 0.4%). Core inflation ticked up to 0.9% in the same month from August’s 0.8%.

FocusEconomics panelists project inflation averaging 0.4% in 2020, which is unchanged from last month’s forecast, and 1.0% in 2021, which is down 0.1 percentage points from the previous month’s estimates.


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Korea Inflation Chart

Korea Inflation September 20 20

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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