August Consumer Prices Rise 3.4%... Back to 3% Range After 3 Months (Update)

Last month, the consumer price inflation rate rose to 3.4%, re-entering the 3% range for the first time in three months since May, halting the downward trend that had lasted for eight months.

According to the "August Consumer Price Trends" released by Statistics Korea on the 5th, the consumer price index last month increased by 3.4% compared to the same month last year. This is a 1.1 percentage point rise from the previous month (2.3%), marking a return to the 3% range for the first time in three months since May (3.3%). The consumer price inflation rate had been slowing down from January this year (5.8%) until July (2.3%), but rebounded after eight months.

The core consumer price index, excluding agricultural products and petroleum, rose by 3.9% compared to the same month last year. This figure remained the same as last month (3.9%). The food and energy index also recorded a consecutive 3.3% increase, the same as last month (3.3%).

The living expenses price index rose by 3.9% compared to the same month last year. The rate of increase re-entered the 3% range for the first time in three months since May (3.2%). Food prices rose by 4.7% compared to the same month last year, while non-food items increased by 3.3%. The living expenses price index including rent rose by 3.3%. The living expenses price index is compiled from 144 items out of a total of 458 items, which are frequently purchased and have a high expenditure share, making price changes more sensitively felt.

The fresh food index rose by 5.6% compared to the same month last year. This is a significant increase of 4.3 percentage points from last month (1.3%). Fresh fish and shellfish rose by 6.0%, fresh fruits by 13.2%, while fresh vegetables fell by 1.1%.

By expenditure purpose, food and non-alcoholic beverages (4.9%), housing, water, electricity, and fuel (4.7%), food services and accommodation (5.2%), and clothing and footwear (7.8%) all increased. However, transportation decreased by 2.5%.

By item nature, goods rose by 3.9% compared to the same month last year, and agricultural, livestock, and fishery products increased by 2.7%. Electricity, gas, and water rose by 21.1% compared to the same month last year, maintaining a 20% range increase for 11 consecutive months since October last year (23.1%). Rent increased by 0.2%, public services by 1.7%, and personal services by 4.3% respectively.

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