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Statistics Korea Announces 'February Consumer Price Trends'

Amid the economic downturn caused by COVID-19, the livelihood economy has suffered a severe blow, and with inflation continuing, the cost of food is also in a state of emergency every day. According to Statistics Korea on the 25th, the consumer price index in January increased slightly by 0.6% compared to the same period last year, but agricultural, livestock, and marine products surged by 10%. The photo shows citizens shopping at a large supermarket in Seoul on the same day. Photo by Kim Hyun-min kimhyun81@

[Sejong=Asia Economy Reporter Moon Chaeseok] Last month, prices of agricultural, livestock, and fishery products, known as the 'basket prices' for ordinary people, recorded the largest increase in 10 years, leading the overall consumer price index to recover to a 1% range increase for the first time in five months.

According to the 'February Consumer Price Trends' released by Statistics Korea on the 4th, the consumer price index last month was 107.00 (2015=100), up 1.1% compared to the same month last year. The consumer price inflation rate recorded a 1% range for the first time in five months since September last year’s 1.0%. It approached the Bank of Korea’s inflation target of 2% set since 2016.

The so-called 'table prices' surged sharply. The fresh food index rose 18.9% compared to the same month last year. The agricultural, livestock, and fishery product index increased by 16.2%, marking the largest rise in 10 years since December 2011’s 17.1%. In particular, green onions (227.5%) and apples (55.2%) saw significant price increases.

Oh Unseon, Director of Economic Trend Statistics at Statistics Korea, explained, "Due to poor harvests causing supply reductions, continued damage from avian influenza (AI), and increased demand during the holidays, prices of vegetables, fruits, and livestock products rose relatively sharply."

Rent increased by 0.9% compared to the same month last year. This is the largest increase since March 2018’s 0.9%.

This content was produced with the assistance of AI translation services.