Inflation South Korea 2022
Average inflation: 5.1%
Inflation in 2022
Inflation is very high at 5.1%, far above the ECB target.
Peak and Trough
The highest inflation was in July at 6.3%. The lowest inflation was in January at 3.8%.
- Highest month
- July: 6.3%
- Lowest month
- January: 3.8%
- Difference
- 2.5 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Transport with an average of 9.8%. The lowest price increase was in Health with an average of 0.8%.
- Highest increase
- Transport: 9.8%
- Lowest increase
- Health: 0.8%
Historical Context
Inflation is 3.1 percentage points higher than the 5-year average of 2.0%. This approaches the highest level since records began (5.1% in 2022).
- 5-year average
- 2%
- 10-year average
- 1.6%
- All-time high (2022)
- 5.1%
- All-time low (2019)
- 0.4%
Trend
Over the period 2020-2022, inflation shows an upward trend. Compared to 2021, inflation has risen by 2.6 percentage points.
- Change vs. previous year
- +2.6 percentage points
- Largest monthly swing
- June: +3.7 percentage points
ECB Target
Inflation is 3.1 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 ₩105 next year at this inflation rate.
Multi-year trend
Monthly figures 2022
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2021 |
|---|---|---|
| January | 3.8% | +2.9 |
| February | 3.8% | +2.4 |
| March | 4.2% | +2.3 |
| April | 4.8% | +2.3 |
| May | 5.3% | +2.7 |
| June | 6.0% | +3.7 |
| July | 6.3% | +3.7 |
| August | 5.7% | +3.1 |
| September | 5.5% | +3.1 |
| October | 5.6% | +2.4 |
| November | 5.0% | +1.2 |
| December | 5.0% | +1.3 |
| Average | 5.1% |
Data source
Data from OECD. Last updated: 13/01/2026.