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Reassessing Inflation in South Korea: An Alternative Approach Using the Engel Curve

Soohyung Lee & Byung-hill Jun

Asian Economic Papers2026https://doi.org/10.1162/asep.a.947article
AJG 1ABDC B
Weight
0.50

Abstract

South Korea's inflation rate based on the consumer price index has remained stable at around 2 percent and was moderate even during the COVID-19 pandemic. Although average income adjusted for inflation has increased, public sentiment reflects concerns about the high cost of living and a decrease in disposable income. Using an Engel-curve based methodology, we find that from 2010 to 2021, the average annual increase in consumer prices ranged from 4.6 percent to 6.6 percent, two to three times higher than the official record. This study explores several contributing factors that explain this discrepancy and examines its implications for policy decision-making.

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https://doi.org/https://doi.org/10.1162/asep.a.947

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@article{soohyung2026,
  title        = {{Reassessing Inflation in South Korea: An Alternative Approach Using the Engel Curve}},
  author       = {Soohyung Lee & Byung-hill Jun},
  journal      = {Asian Economic Papers},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1162/asep.a.947},
}

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Reassessing Inflation in South Korea: An Alternative Approach Using the Engel Curve

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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