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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 national Consumer Price Index (CPI) rose 0.3% from August, reaching 120.43 on a 2020=100 index. The figures come from the Ministry of Data and Statistics’ release published October 2, 2026.
What was South Korea’s inflation rate in September 2026?
Headline CPI inflation was 2.9% compared with September 2025. The Ministry of Data and Statistics reported an index reading of 120.43 (2020=100), up 0.3% from August 2026. The official release gives the index level and September changes; the Korea Policy Briefing reports August’s 3.1% annual rate, making the September rate 0.2 percentage points lower.
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Ministry of Data and Statistics: Consumer Price Index in September 2026 · Korea Policy Briefing: September 2026 consumer-price briefing
Did prices go down?
No. The annual inflation rate went down, but the CPI itself increased in September. These are different comparisons: year-over-year inflation compares September 2026 with September 2025, while the monthly change compares September with August 2026. A lower annual rate means the overall price level rose more slowly over the year; it does not mean the average basket became cheaper in September.
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What other inflation measures showed
The release reports several indices that track different baskets. Their rates should not be treated as interchangeable with headline CPI or with one another.
| Measure | Change from September 2025 | Change from August 2026 |
|---|---|---|
| Headline Consumer Price Index | +2.9% | +0.3% |
| Index excluding food and energy | +2.8% | −0.1% |
| Index excluding agricultural products and petroleum | +2.7% | +0.2% |
| Living-cost index | +2.5% | Not stated in the cited briefing. |
| Fresh-food index | −3.3% | +2.7% |
The food-and-energy exclusion and the agricultural-products-and-petroleum exclusion are separate measures, with different components removed. The fresh-food figures illustrate why the comparison period matters: fresh-food prices were lower than a year earlier but rose from August.
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Source for the index changes: Ministry of Data and Statistics’ September CPI release and official briefing.
Which prices moved?
The Ministry’s briefing attributes the monthly CPI increase to higher prices for electricity, gas and water; agricultural, livestock and fishery products; and industrial products. Services were lower month over month. Compared with September 2025, services, industrial products, and electricity, gas and water were higher, while agricultural, livestock and fishery prices were lower.
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Within the living-cost index, food prices rose 1.6% year over year and non-food prices rose 3.1%. These are component changes, not separate estimates of what every household experienced.
Korea Policy Briefing: September 2026 consumer-price briefing
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What this means for household budgets
The national CPI summarizes price changes across its measured basket; it does not describe every household’s personal inflation rate. Your own costs can move differently depending on how much you spend on items such as food, utilities, transport, housing, or services. The September figures establish a modest easing in annual headline inflation alongside a monthly rise in the overall index, not a universal decrease in household expenses.
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