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In 2024, Seoul experienced a consumer price inflation rate of approximately 2.4 percent. The highest inflation rate in the last 20 years was reported in 2022, at about *** percent.

Steady price growth in the Korean economy

Both the consumer price index (CPI) and the producer price index (PPI) in South Korea have shown steady growth over time, reflecting ongoing inflationary trends. The CPI, especially for living necessities, has consistently increased in recent years. Likewise, the PPI has followed a continuous upward trajectory, indicating rising production costs. These trends show that the South Korean economy is experiencing sustained inflation at both the consumer and producer levels.

South Korea’s high grocery costs

In South Korea, essential items such as food and clothing are significantly more expensive than other goods and services. For example, the prices for potatoes, pork, and apples can be ** times higher than in other developed countries. This high pricing is often attributed to limited farmland, low agricultural productivity, and import restrictions, among others. The high food costs have particularly affected low-income and elderly households in the country the most.