Consumer Prices in South Korea Rise to 2.4% Amid November Price Hikes

Post by : Bianca Suleiman

Seoul – In November, consumer prices in South Korea have surpassed the Bank of Korea’s 2 percent target for a third consecutive month, as reported by government data on Tuesday. This reflects significant price increases in the food and energy sectors.

The Ministry of Data and Statistics indicated that overall consumer prices have risen by 2.4 percent year-on-year, continuing a trend that initiated earlier in 2025. After surpassing the central bank’s target for four months through April, inflation experienced a slight dip in May and then fluctuated around the 2 percent mark during the summer and fall months.

The recent increase in inflation is predominantly associated with sharp rises in agricultural product costs and petroleum prices, exerting pressure on household budgets. Furthermore, core inflation, which excludes the volatile categories of food and energy, has also shown a substantial increase of 2.9 percent compared to last year, marking the highest level since July 2024.

Economists suggest that these ongoing inflation rates may impact forthcoming monetary policy decisions as consumers and businesses adapt to increasing prices in essential commodities.