This study identifies the emergence of ‘cheapflation’ in Korea after the pandemic, whereby prices of low-priced goods rose larger than those of high-priced goods. Using scanner data from the Korea Chamber of Commerce and Industry, we find that between January 2020 and September 2023, prices of products in the lowest quartile increased by 16.4%, while those of the highest quartile rose by 5.6%. This divergence reflects cost pressures from surging import prices and a consumer shift toward cheaper goods. ‘Cheapflation’ has exacerbated inflation inequality across income groups, highlighting the need for price stabilization policies focused on low- and mid-priced goods.