June Consumer Prices Up 2.4%... 3 Consecutive Months of 2% Range Increase (Update)

Statistics Korea Announces Consumer Price Trends on the 2nd

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Last month, consumer prices rose by 2.4%, marking a three-month consecutive increase in the 2% range.

According to the Consumer Price Trends report by the Statistics Korea on the 2nd, the consumer price index for June was 107.39 (2015=100), up 2.4% compared to the same month last year. It fell 0.1% compared to the previous month.

The consumer price inflation rate rose from 0.6% in January, 1.1% in February, and 1.5% in March to the 2% range in April (2.3%).

By item category, industrial products (2.7%), services (1.6%), and agricultural, livestock, and fishery products (10.4%) continued their upward trend. Among these, rent increased by 1.4%. The living expense index rose by 3.0%, and the fresh food index increased by 10.3%.

In particular, eggs (54.9%), garlic (48.7%), and red pepper powder (35.0%) saw significant price increases. Gasoline and diesel prices rose by around 20%, pushing the industrial product prices up by 2.7%. Regarding this, Eo Unseon, the Economic Trend Statistics Officer at Statistics Korea, stated, "Price increases in personal services, agricultural, livestock and fishery products, and petroleum products are driving the inflation."

Meanwhile, the core inflation rate (excluding agricultural products and petroleum products), which shows the underlying trend of prices, rose 1.5% year-on-year and 0.1% month-on-month. The core inflation rate excludes seasonal factors and temporary shocks and is calculated based on 407 items out of a total of 460 items, excluding those related to agricultural products and petroleum products.

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