September Consumer Prices Up 2.5% Year-on-Year... 6 Consecutive Months in the 2% Range (Update)

Statistics Korea Announces 'Consumer Price Trends'

[Sejong=Asia Economy Reporter Son Seon-hee] Last month, consumer prices rose by 2.5%, marking a six-month consecutive increase in the 2% range.

According to the consumer price trends announced by Statistics Korea on the 6th, the consumer price index for September was 108.83 (based on 2015=100), up 2.5% compared to the same month last year. It also rose 0.5% compared to the previous month, showing an upward trend in prices in the second half of the year.

Prices of agricultural, livestock, and fishery products such as eggs and pork increased by 3.7%, and industrial product prices rose 3.4% due to the impact of rising oil prices. Electricity, water, and gas charges remained the same as the same period last year, while service prices such as jeonse (key money deposit) and apartment management fees increased by 1.9%.

Thus, the consumer price index recorded increases in the 2% range for six consecutive months: 2.3% in April, 2.6% in May, 2.4% in June, 2.6% in July, 2.6% in August, and 2.5% in September. This is the first time in about nine years since June 2012 that the inflation rate has remained in the 2% range for more than six consecutive months.

The overall inflation rate for the third quarter (July to September) this year also reached 2.6%, the highest quarterly figure since the first quarter of 2012 (3.0%).

Oh Woon-seon, Economic Trend Statistics Officer at Statistics Korea, said, "With processed food prices rising significantly, the consumer price inflation rate continues to increase in the mid-2% range," adding, "In the fourth quarter, upward factors such as rising international oil prices and electricity rate hikes are dominant, raising concerns that the upward trend will continue."

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