Key facts
- South Korea's CPI increased 3.14% year-over-year in May.
- This is an acceleration from April's inflation rate.
- Transport prices were a key driver of the acceleration.
- Core inflation rose to 2.53% year-over-year in May.
- Month-on-month inflation was 0.46% in May.
South Korea's consumer price index (CPI) accelerated to a 3.14% year-over-year increase in May, driven by rising transport prices. This marks an uptick from the previous month's inflation rate. Month-on-month inflation also remained elevated, registering at 0.46%. Core inflation, which excludes volatile fresh food and energy prices, climbed to 2.53% year-over-year in May, up from 2.19% in April. The measure of CPI excluding fresh food rose to 3.32% year-over-year, the first time it has exceeded 3% since 2023.