South Korea inflation quickens to 26-month high

Created at 1 Jun · 08:12 UTC16 sources↑ Market-relevant6 events

IN SHORT

South Korea's consumer inflation accelerated to 3.14% year-on-year in May, the highest rate since March 2024. Transport inflation was a key driver, rising to 11.60%. Core inflation also increased to 2.53%, reinforcing the central bank's hawkish stance.

Key Numbers

3.14%South Korea CPI inflation y/y in May

2.57%South Korea CPI inflation y/y in April

0.46%South Korea CPI inflation m/m in May

11.60%Transport inflation y/y in May

2.53%Core inflation y/y in May

2.19%Core inflation y/y in April

Who's Involved

Kostat

Released the latest CPI inflation data for South Korea

Bank of Korea

Central bank that raised its inflation forecast for the year

South Korea inflation quickens to 26-month high

Key facts

South Korea's CPI inflation accelerated to 3.14% year-on-year in May.
This is the highest inflation rate recorded since March 2024.
Transport inflation was a key driver, rising to 11.60% year-on-year.
Core inflation increased to 2.53% year-on-year in May.
Month-on-month inflation stood at 0.46% in May.

South Korea's inflation rate is a critical measure of economic stability, influencing consumer spending and the Bank of Korea's monetary policy. The recent surge in oil prices, exacerbated by Middle East tensions, has directly impacted fuel costs and contributed to broader price increases. This presents a challenge for the central bank as it aims to control inflation and support the won.

↳ Why This Matters

South Korea inflation quickens to 26-month high

PiQ Daily

Key facts

South Korea inflation quickens to 26-month high

PiQ Daily

Key facts

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