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South Korea’s inflation accelerated in November, with consumer prices rising 2.4% year-on-year, supported by higher food and service costs. The latest Consumer Price Index (CPI) reading aligned closely with market expectations of 2.35% but remained above the Bank of Korea’s (BOK) 2% inflation target for the third consecutive month. The sustained rise in prices strengthens the likelihood that the central bank will maintain its current interest rate stance for an extended period.
A major driver of November’s inflation was the sharp increase in agricultural and fishery product prices, which climbed 5.6% from a year earlier. Fresh produce saw particularly steep gains, with rice prices soaring 18.6% and mandarins jumping 26.5%. These increases reflect ongoing supply pressures tied to adverse weather conditions and the impact of the weaker Korean won, which has raised import costs and amplified price volatility across essential goods.
Processed food prices also remained elevated after significant hikes earlier in the year. Finance Minister Koo Yun-cheol noted that frequent rainfall, currency depreciation, and rising oil and commodity prices have contributed to persistent cost pressures across agricultural, fishery, and petroleum products.
Despite upward annual inflation, the CPI slipped 0.2% month-on-month, slightly better than economists’ expectations of a 0.25% decline. Core inflation, which excludes volatile food and energy components, increased 2.0% from a year earlier, signaling that underlying price pressures remain steady.
The BOK recently held its benchmark interest rate at 2.50% for the fourth consecutive meeting, citing limited room for further monetary easing amid the depreciating won. Analysts now anticipate one additional rate cut in the first quarter of next year, followed by a prolonged pause as policymakers evaluate inflation trends and currency stability.
South Korea’s inflation outlook remains closely tied to global commodity prices, exchange rate movements, and domestic supply conditions, all of which will shape the central bank’s policy trajectory in the months ahead.
