Consumer prices in Korea will grow by 2.3% during 2024
SEOUL, December 31, 2020 – Data today, Tuesday, showed that inflationary pressures in the Republic of Korea declined significantly during 2024, after the highest price growth in decades during the post-Corona pandemic period.
According to data compiled by the Korea Statistics Agency, the Consumer Price Index, a key measure of inflation, rose 2.3% year-on-year in 2024, the slowest rate in four years, and rose by 2.5%, 3.6% and 5.1% over the three years. previous one respectively.
The Korean Yonhap News Agency reported that the 2024 reading is consistent with the Bank of Korea’s expectations of inflation growth of 2.3%, which were issued in November, and is close to its target rate of 2%.
Core inflation, which excludes volatile food and energy prices, rose 2.2% year-on-year in 2024.
Consumer inflation in Korea has remained below 3% since last April, and fell below the target rate of 2% for the first time in September.
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