Inflation South Korea 2023
Average inflation: 3.6%
Current Inflation
Inflation is high at 3.6%, well above the ECB target.
Peak and Trough
The highest inflation was in January at 5.0%. The lowest inflation was in July at 2.4%.
- Highest month
- January: 5.0%
- Lowest month
- July: 2.4%
- Difference
- 2.6 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Clothing and footwear with an average of 6.7%. The lowest price increase was in Transport with an average of -3.3%.
- Highest increase
- Clothing and footwear: 6.7%
- Lowest increase
- Transport: -3.3%
Historical Context
Current inflation is 1.2% higher than the 5-year average of 2.4%.
- 5-year average
- 2.4%
- 10-year average
- 1.9%
- All-time high (2022)
- 5.1%
- All-time low (2019)
- 0.4%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -1.5 percentage point.
- Change vs. previous year
- -1.5 percentage points
- Largest monthly swing
- July: -3.9 percentage points
ECB Target
Inflation is 1.6% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €103.60 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 5.0% | +1.2 |
| February | 4.7% | +0.9 |
| March | 4.2% | 0.0 |
| April | 3.7% | -1.1 |
| May | 3.4% | -1.9 |
| June | 2.7% | -3.3 |
| July | 2.4% | -3.9 |
| August | 3.4% | -2.3 |
| September | 3.7% | -1.8 |
| October | 3.8% | -1.8 |
| November | 3.3% | -1.7 |
| December | 3.2% | -1.8 |
| Average | 3.6% |
Data source
Data from OECD. Last updated: 11/01/2026.