May Consumer Prices Up 2.6%... Largest Increase in 9 Years and 1 Month (Update)

February 2 Statistics Korea 'Consumer Price Trends' Announcement
Green Onion 130.5%, Eggs 45.4% Increase

[Asia Economy Reporters Son Seon-hee and Jang Se-hee] Consumer prices in May rose by 2.6%, marking the largest increase in 9 years and 1 month. The rise was driven by continued price increases in agricultural and livestock products due to poor crop yields and the impact of avian influenza (AI), as well as an expanded increase in petroleum product prices following a sharp drop in international oil prices.

According to the Consumer Price Trends released by Statistics Korea on the 2nd, the consumer price index for May recorded 107.46 (2015=100), up 2.6% compared to the same month last year. This is the highest rate of increase since April 2012 (2.6%). After recording 1.1% in February this year, the index rose by over 2% for two consecutive months including last month.

The living cost index, which reflects the perceived inflation focusing on 141 items with high purchase frequency and expenditure share, rose by 3.3% compared to a year ago. This is the largest increase since August 2017 (3.5%).

Agricultural, livestock, and fishery products increased by 12.1%, while industrial products and services rose by 3.1% and 1.5%, respectively.

By item, green onions rose by 130.5%, eggs by 45.4%, gasoline by 23.0%, and diesel by 25.7%. Jeonse (long-term deposit rent) increased by 1.8%, and monthly rent rose by 0.8%.

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