Korea Inflation March 2021


Korea: Inflation hits over two-year high in March

April 2, 2021

Consumer prices rose 0.15% over the previous month in March, below February's 0.50% rise. Looking at the details of the release, food and non-alcoholic beverages and clothing and footwear prices dropped in March, contrasting the previous month’s increases. However, prices for transportation picked up pace in March.

Inflation came in at 1.5% in March, which was up from February’s 1.1%. March's figure marked the highest inflation rate since November 2018. Meanwhile, the trend was unchanged, with annual average inflation coming in at February's 0.5% in March. Core inflation ticked up to 1.0% from February’s 0.8%.

FocusEconomics panelists project inflation averaging 1.3% in 2021, which is up 0.2 percentage points from last month’s forecast, and 1.5% in 2022.


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Korea Inflation Chart

Korea Inflation March 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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