South Korea’s consumer price index rose 2.9% year-over-year in September 2026, returning to the 2% range after August’s 3.1% print amid fading telecom base effects and softer agricultural prices. Persistent core inflation at 2.8% and elevated petroleum product costs, up 14.8% amid Middle East tensions, have kept underlying pressures firm despite government fuel caps. The Bank of Korea expects October readings near 3% and has signaled further rate hikes beyond the current 3.00% policy rate to anchor inflation above its 2% target. With year-to-date monthly prints averaging near 2.7% and cost pass-through plus demand pressures broadening, trader-implied odds favor a full-year 2026 average at or above 3.0%, reflecting sustained price momentum into year-end.