South Korea Inflation Rises to 3.1% as One-Off Mobile Effect Masks Softer Trend

Seoul, 2 September 2026 – South Korea’s consumer inflation accelerated to 3.1% in August from 2.8% in July, but the increase was driven largely by a temporary base effect in mobile-service charges and still undershot market expectations. The data leave investors balancing an elevated headline rate against evidence that underlying price pressure may be less severe than the top-line figure suggests.

The 3.1% annual increase compared with economists’ median forecast of 3.2%. Consumer prices rose 0.2% from July after falling 0.2% in the previous month, also below the 0.3% monthly gain expected. Public-service prices increased 6.5%, dominated by a 26.7% surge in mobile-service fees because temporary discounts a year earlier created an unusually low comparison base.