Consumer prices in Korea will rise by 2.1% in 2025
SEOUL, December 31 / WAM / The Consumer Price Index, a key measure of inflation, in the Republic of Korea rose by 2.1% on an annual basis during 2025, recording slightly higher than the inflation target set by the Central Bank of Korea of 2%, according to data issued today by the Korean Ministry of Data and Statistics, while this figure is the lowest annual level since 2020 when the index rose by 0.5%.
The Korean Yonhap News Agency reported that inflation rose from 2.5% in 2021 to 5.1% in 2022, before falling to 3.6% in 2023, and 2.3% in 2024, according to the data.
For the month of December, consumer prices rose by 2.3% compared to last year, exceeding the central bank’s target for the fourth month in a row. This is largely due to higher import prices amid a weak Korean won.
Inflation remained within the range of 2% during the months of June and July, before falling to 1.7% in August, rising to 2.1% in October, and remaining within the range of 2% after that.
The ministry attributed inflation this month mainly to the sharp rise in petroleum product prices, which jumped by 6.1% over last year, recording the largest year-on-year increase since their 6.3% rise in February.
The ministry said core inflation, which excludes volatile food and energy prices, rose by 2.3% year-on-year in December.
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