Inflation South Korea 1998
Average inflation: 7.5%
Inflation in 1998
Inflation is very high at 7.5%, far above the ECB target.
Peak and Trough
The highest inflation was in February at 9.5%. The lowest inflation was in December at 4.0%.
- Highest month
- February: 9.5%
- Lowest month
- December: 4.0%
- Difference
- 5.5 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Transport with an average of 16.9%. The lowest price increase was in Communication with an average of -0.2%.
- Highest increase
- Transport: 16.9%
- Lowest increase
- Communication: -0.2%
Historical Context
Inflation is 2.0 percentage points higher than the 5-year average of 5.5%.
- 5-year average
- 5.5%
- 10-year average
- 6.2%
- All-time high (1980)
- 28.6%
- All-time low (1984)
- 2.3%
Trend
Over the period 1996-1998, inflation shows an upward trend. Compared to 1997, inflation has risen by 3.1 percentage points.
- Change vs. previous year
- +3.1 percentage points
- Largest monthly swing
- February: +4.6 percentage points
ECB Target
Inflation is 5.5 percentage points above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for ₩100 this year will cost approximately ₩108 next year at this inflation rate.
Multi-year trend
Monthly figures 1998
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 1997 |
|---|---|---|
| January | 8.3% | +3.6 |
| February | 9.5% | +4.6 |
| March | 9.0% | +4.5 |
| April | 8.8% | +4.5 |
| May | 8.2% | +4.4 |
| June | 7.5% | +3.5 |
| July | 7.3% | +3.6 |
| August | 6.9% | +2.9 |
| September | 6.9% | +2.7 |
| October | 7.2% | +3.0 |
| November | 6.8% | +2.5 |
| December | 4.0% | -2.6 |
| Average | 7.5% |
Data source
Data from OECD. Last updated: 13/01/2026.