South Korea’s consumer-price inflation eased to 2.9% year over year in September 2026, down from 3.1% in August. But prices did not fall overall: the consumer price index (CPI) rose 0.3% from August to 120.43, with 2020 set as 100.
What was South Korea’s inflation rate in September 2026?
The Ministry of Data and Statistics reported that the CPI was 120.43 (2020=100) in September, 2.9% higher than a year earlier and 0.3% higher than in August. The official release was published October 2, 2026. Ministry of Data and Statistics: Consumer Price Index in September 2026
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The annual rate was 0.2 percentage points lower than August’s 3.1%, according to the government briefing. That is a slowdown in the pace of price increases, not a reversal in the price level: the monthly CPI change remained positive. Korea Policy Briefing: September 2026 consumer price trends
How did the other inflation measures compare?
The report gives several indices that track different baskets or exclude different categories. Their figures should not be treated as interchangeable with headline CPI.
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| Measure | Year over year | Month over month |
|---|---|---|
| Headline CPI | Up 2.9% | Up 0.3% |
| CPI excluding food and energy | Up 2.8% | Down 0.1% |
| CPI excluding agricultural products and petroleum | Up 2.7% | Up 0.2% |
| Living-cost index | Up 2.5% | Not stated in the cited official sources |
| Fresh-food index | Down 3.3% | Up 2.7% |
The two exclusion measures use different category exclusions: one omits food and energy, while the other omits agricultural products and petroleum. They therefore answer different questions. The fresh-food figures also illustrate why the comparison period matters: fresh-food prices were lower than a year earlier but rose from August.
Figures and category definitions are from the Ministry’s release and the government briefing. Official September CPI release · Official briefing
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Which price groups moved?
Changes from August
The Ministry attributed the monthly CPI increase to higher prices for electricity, gas and water; agricultural, livestock and fishery products; and industrial products. Services prices were lower. These are the listed group movements; the report does not establish a specific policy or external event as the cause of the overall change.
Changes from a year earlier
Services, industrial products, and electricity, gas and water were higher than in September 2025, while agricultural, livestock and fishery prices were lower. Within the living-cost index, food rose 1.6% year over year and non-food rose 3.1%. The fresh-food index fell 3.3% year over year despite its monthly increase. Ministry of Data and Statistics: September 2026 consumer price trends
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What the September figures mean for households
The headline CPI describes average price changes across the index basket; it does not mean every household faced a 2.9% increase in its own expenses. Household spending patterns differ, and the component measures can move in different directions. A household’s experience may therefore differ from the headline rate.
For the direct answer: South Korea’s annual CPI inflation rate slowed in September, but the index still increased compared with August.
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