Last Month's Inflation Rate 3.7%... Consecutive Two-Month Rise Due to High Oil Prices (Update)

Statistics Korea September Consumer Price Trends

Last month, the consumer price inflation rate recorded 3.7%. The consecutive rise for two months was due to the combined effect of high oil prices and increases in agricultural, livestock, and fishery product prices.

According to the 'September Consumer Price Trends' announced by Statistics Korea on the 5th, the consumer price index last month rose 3.7% compared to the same month last year, continuing the increase for two consecutive months following the previous month's 3.4%.

The core price index, excluding agricultural products and petroleum, rose 3.8% compared to the same month last year. The rate of increase fell by 0.1 percentage points from the previous month. The rate of increase for the index excluding food and energy remained the same as the previous month at 3.3%. It has been in the 3% range for five consecutive months since May (3.9%).

The living cost index rose 4.4% compared to the same month last year. The living cost index is calculated based on 144 items out of a total of 458 items, which are frequently purchased and have a high expenditure share, making price changes more sensitive. Food prices rose 4.6%, while non-food items increased by 4.2%. The living cost index including rent and monthly lease deposits rose by 3.7%.

The fresh food index increased by 6.4% compared to the same month last year. The increase widened by 0.8 percentage points from last month's 5.6%. Fresh fruits rose 24.4%, fresh fish and shellfish increased by 3.4%, but fresh vegetables fell by 5.7%.

By expenditure purpose, clothing and footwear rose 7.8%, household goods and household services increased by 5.6%. Food and non-alcoholic beverages (5.1%), food services and accommodation (4.9%), and housing, water, electricity, and fuel (4.6%) also rose.

By item nature, goods rose 4.6%, and agricultural, livestock, and fishery products also increased by 3.7% compared to the same month last year. Electricity, gas, and water showed a 19.1% increase. Rent rose by 0.1%, public services by 1.8%, and personal services by 4.2%, respectively.

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