August Consumer Prices Up 2.6%... Exceed 2% for 5 Consecutive Months (Update)

[Sejong=Asia Economy Reporter Kim Hyunjung] Last month, consumer prices rose by 2.6% compared to the same period last year, marking a 2% range increase for five consecutive months.

According to the 'August Consumer Price Trends' released by Statistics Korea on the 2nd, the consumer price index last month was 108.29 (2015=100), up 2.6% year-on-year. The consumer price inflation rate first exceeded the government's 'management target' of 2% this year in April with 2.3%, followed by 2.6% in May, 2.4% in June, and 2.6% in July.

Prices of industrial products, services, agricultural and fishery products, and electricity, water, and gas all rose, driving the upward trend. Living expenses increased by 3.4% compared to last year, and fresh food rose by 4.1%. Among food items, fresh fruits jumped 27.3%, and fresh fishery products increased by 1.2%. Fresh vegetables fell by 11.6%.

By category, goods rose 3.9%, agricultural and fishery products 7.8%, and industrial products 3.2% year-on-year. Services increased by 1.7%, with rent rising 1.6% and personal services up 2.7%. Public services, on the other hand, decreased by 0.7%.

Looking at major fluctuating items, prices rose compared to last year by 11.0% for pork, 54.6% for eggs, 7.5% for domestic beef, 38.1% for watermelon, and 35.5% for spinach. The major industrial product price increases were 20.8% for gasoline, 23.5% for diesel, and 25.3% for automotive LPG. Jeonse (long-term deposit rent) rose 2.2%, and monthly rent increased 0.9%.

Meanwhile, the core inflation rate (index excluding agricultural products and petroleum) that shows the underlying trend of prices rose 1.8%, continuing to increase for six consecutive months following March (1.0%), April (1.4%), May (1.5%), June (1.5%), and July (1.8%).

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