Korea Inflation September 2021


Korea: Inflation plunges to lowest level since June in September

October 6, 2021

Consumer prices increased 0.50% in September over the previous month, below August's 0.63% increase. Looking at the details of the release, prices for transportation dropped after growing in the previous month, while prices for food and non/alcoholic beverages grew at a softer, albeit still marked pace. In addition, prices for recreation and culture also fell. However, prices for housing and utilities rose at a much steeper pace in September.

Inflation came in at 2.5% in September, down from August’s 2.6%. September's result marked the weakest inflation rate since June. Annual average inflation edged up to 1.6% in September (August: 1.5%). Lastly, core inflation ticked up to 1.9% in September, from August’s 1.8%.

FocusEconomics panelists project inflation averaging 1.9% in 2021, which is unchanged from last month’s forecast, and 1.6% in 2022, which is up 0.1 percentage points from the previous month’s forecast.


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Korea Inflation Chart

Korea Inflation September 2021 1

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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