Inflation rates in South Korea
The inflation rate for consumer prices in South Korea moved over the past 62 years between 0.4% and 29.5%. For 2022, an inflation rate of 5.1% was calculated.During the observation period from 1960 to 2022, the average inflation rate was 7.8% per year. Overall, the price increase was 9,016.10%. An item that cost 100 wons in 1960 costs 9,116.10 wons at the beginning of 2023.
For November 2023, the year-over-year inflation rate was 3.34%.
This includes energy (+1.2%) and food (+6.2%).
› Inflation rates in global comparison
Performance over the last 62 years compared with the USA
In only a few countries the price increase is that high. The Consumer Price Index (CPI) of 29.5% in 1964 means, that compared to the previous year all prices increased by an average of 29.5%. In comparison to most other countries, the drastic price increases are no longer average. Usually this is a sign of political and economic turmoil.Performance based on 100% in 1959:
Inflation calculator for South Korea
Enter any amount, a start year and an end year here. You will then be shown the amount that resulted from the original amount after inflation.100 wons in 1960 will still be 100 wons in 2023. The nominal value does not change. What does change, is the purchasing power. In other words, the amount of goods that can be bought with this money. As inflation increases, this amount decreases.
Example: The purchasing power of 100 wons in 1960 corresponds to that of 9,116.10 wons at the beginning of 2023. Conversely, in 1960 you could buy as much with 5.43 wons as you can today with 1000 wons.
Inflation rates for consumer goods in South Korea
Energy and food
Historical inflation rates in comparison
| Year | South Korea | Ø EU | Ø USA | Ø World |
|---|---|---|---|---|
| 2022 | 5.09 % | 8.83 % | 8.00 % | 7.97 % |
| 2021 | 2.50 % | 2.55 % | 4.70 % | 3.47 % |
| 2020 | 0.54 % | 0.48 % | 1.23 % | 1.94 % |
| 2019 | 0.38 % | 1.63 % | 1.81 % | 2.21 % |
| 2018 | 1.48 % | 1.74 % | 2.44 % | 2.44 % |
| 2017 | 1.94 % | 1.43 % | 2.13 % | 2.22 % |
| 2016 | 0.97 % | 0.18 % | 1.26 % | 1.61 % |
| 2015 | 0.71 % | -0.06 % | 0.12 % | 1.44 % |
| 2014 | 1.27 % | 0.20 % | 1.62 % | 2.35 % |
| 2013 | 1.30 % | 1.22 % | 1.46 % | 2.62 % |
| 2012 | 2.19 % | 2.66 % | 2.07 % | 3.73 % |
| 2011 | 4.03 % | 3.29 % | 3.16 % | 4.82 % |
| 2010 | 2.94 % | 1.53 % | 1.64 % | 3.35 % |
| 2009 | 2.76 % | 0.84 % | -0.36 % | 2.94 % |
| 2008 | 4.67 % | 4.16 % | 3.84 % | 8.95 % |
| 2007 | 2.53 % | 2.51 % | 2.85 % | 4.82 % |
| 2006 | 2.24 % | 2.67 % | 3.23 % | 4.28 % |
| 2005 | 2.75 % | 2.49 % | 3.39 % | 4.11 % |
| 2004 | 3.59 % | 2.29 % | 2.68 % | 3.38 % |
| 2003 | 3.51 % | 2.09 % | 2.27 % | 3.03 % |
| 2002 | 2.76 % | 2.42 % | 1.59 % | 2.83 % |
| 2001 | 4.07 % | 3.37 % | 2.83 % | 3.84 % |
| 2000 | 2.26 % | 3.15 % | 3.38 % | 3.49 % |
| 1999 | 0.81 % | 2.16 % | 2.19 % | 3.08 % |
| 1998 | 7.51 % | 2.42 % | 1.55 % | 5.11 % |
| 1997 | 4.44 % | 3.11 % | 2.34 % | 5.57 % |
| 1996 | 4.92 % | 3.56 % | 2.93 % | 6.55 % |
| 1995 | 4.48 % | 4.43 % | 2.81 % | 9.15 % |
| 1994 | 6.27 % | 4.72 % | 2.61 % | 10.32 % |
| 1993 | 4.80 % | 4.85 % | 2.95 % | 7.51 % |
| 1992 | 6.21 % | 6.22 % | 3.03 % | 7.71 % |
| 1991 | 9.33 % | 5.48 % | 4.23 % | 9.00 % |
| 1990 | 8.57 % | 6.15 % | 5.40 % | 8.13 % |
| 1989 | 5.70 % | 6.26 % | 4.83 % | 7.00 % |
| 1988 | 7.15 % | 4.54 % | 4.08 % | 7.15 % |
| 1987 | 3.05 % | 4.02 % | 3.66 % | 5.76 % |
| 1986 | 2.75 % | 3.68 % | 1.90 % | 5.82 % |
| 1985 | 2.46 % | 5.40 % | 3.55 % | 6.86 % |
| 1984 | 2.27 % | 7.67 % | 4.30 % | 8.12 % |
| 1983 | 3.42 % | 8.67 % | 3.21 % | 8.77 % |
| 1982 | 7.19 % | 9.58 % | 6.13 % | 10.24 % |
| 1981 | 21.35 % | 11.77 % | 10.33 % | 12.47 % |
| 1980 | 28.70 % | 12.91 % | 13.55 % | 13.98 % |
| 1979 | 18.32 % | 8.22 % | 11.25 % | n/a |
| 1978 | 14.46 % | 7.76 % | 7.63 % | n/a |
| 1977 | 10.10 % | 9.77 % | 6.50 % | n/a |
| 1976 | 15.33 % | 9.35 % | 5.74 % | n/a |
| 1975 | 25.25 % | 10.47 % | 9.14 % | n/a |
| 1974 | 24.30 % | 13.16 % | 11.05 % | n/a |
| 1973 | 3.22 % | 7.75 % | 6.18 % | n/a |
| 1972 | 11.69 % | 6.01 % | 3.27 % | n/a |
| 1971 | 13.51 % | 5.24 % | 4.29 % | n/a |
| 1970 | 15.95 % | 4.51 % | 5.84 % | n/a |
| 1969 | 12.39 % | 2.67 % | 5.46 % | n/a |
| 1968 | 10.77 % | 3.24 % | 4.27 % | n/a |
| 1967 | 10.88 % | 3.32 % | 2.77 % | n/a |
| 1966 | 11.26 % | 3.70 % | 3.02 % | n/a |
| 1965 | 13.55 % | 3.99 % | 1.59 % | n/a |
| 1964 | 29.46 % | 3.42 % | 1.28 % | n/a |
| 1963 | 20.69 % | 2.92 % | 1.24 % | n/a |
| 1962 | 6.62 % | 3.55 % | 1.20 % | n/a |
| 1961 | 8.20 % | 2.08 % | 1.07 % | n/a |
| 1960 | 7.97 % | 1.74 % | 1.46 % | n/a |
Data basis: International Monetary Fund, World Bank and OECD Inflation CPI indicator (doi:10.1787/eee82e6e-en)
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