Inflation rate in South Korea 2024

This statistic shows the average inflation rate in South Korea from 1984 to 2018, with projections up until 2024. In 2018, the average inflation rate in South Korea amounted to about 1.48 percent compared to the previous year. For further info, see the South Korean GDP.

South Korea's low inflation

High rates of inflation are undesireable, just like low rates, and South Korea is currently struggling with the latter. South Korea is actually an affluent country and currently ranks 11th on the list of the 20 countries with the largest GDP, but its inflation rate is subject to concern, as it is currently at levels below 2 percent.

However, there is still hope that inflation will return to stable rates between 3 and 4.5 percent in the next few years, and there are also signs that consumer confidence is rising after two years of weak economic growth and sluggish domestic consumption and investment. The unemployment rate remains low with levels staying in the range of 3 percent - close to full employment – yet there are still obstacles including an aging population and a heavy reliance on exports. At present, South Korea is attempting to balance its reliance on exports by expanding the service industry, especially as the export market slows.

South Korea: Inflation rate from 1984 to 2024

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Source

Release date

October 2019

Region

South Korea

Survey time period

1984 to 2018

Supplementary notes

* Estimate.

Figures have been rounded.

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Statistics on "Economic Outlook South Korea"

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