Korea Inflation July 2021


Korea: Inflation increases in July

August 3, 2021

Consumer prices increased 0.20% over the previous month in July, swinging from June's 0.07% fall. Looking at the details of the release, food and non-alcoholic beverages prices fell at a more moderate pace in July compared to the previous month, while price pressures for transportation picked up pace. However, housing, water, electricity, gas and other fuels prices fell sharply.

Inflation came in at 2.6% in July, up from June’s 2.4%. Annual average inflation rose to 1.4% in July (June: 1.2%). Core inflation remained at 1.2%.

FocusEconomics panelists project inflation averaging 1.8% in 2021, which is up 0.1 percentage points from last month’s forecast, and 1.5% in 2022.


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Korea Inflation Chart

Korea Inflation July 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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