January Consumer Price Inflation Rate 2.8%...Back to 2% Range After 6 Months (Update)

Last month, the consumer price inflation rate recorded 2.8%, falling back to the 2% range for the first time in six months.

According to the 'January Consumer Price Trends' announced by Statistics Korea on the 2nd, the consumer price index last month rose 2.8% compared to the same month last year.

The consumer price inflation rate rebounded from 2.3% in July last year to 3.4% in August, then continued in the 3% range for five months with 3.7% in September, 3.8% in October, 3.3% in November, and 3.2% in December, before breaking this trend and returning to the 2% range.

On the 4th, one day before the government's announcement of June consumer price trends, citizens are shopping at Namdaemun Market in Seoul. Photo by Mun Ho-nam munonam@

The core inflation index, which excludes agricultural products and petroleum, rose 0.3% compared to the previous month and 2.6% compared to the same month last year. The index excluding food and energy increased 2.5% compared to the same month last year and rose 0.4% compared to the previous month.

The living cost index rose 0.6% compared to the previous month and 3.4% 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 large expenditure share, making price changes more sensitive.

Among these, food prices surged 4.9% compared to a year ago. Non-food items increased by 2.4%. The living cost index including rent and lease rose 2.8%.

The fresh food index surged 14.4% compared to the same month last year. Fresh fruits showed the strongest increase at 28.5%, while fresh vegetables and fresh seafood rose by 8.9% and 2.0%, respectively.

By item, green onions showed the largest increase at 60.8%, followed by apples at 56.8%, tomatoes at 51.9%, tangerines at 39.8%, rice at 11.3%, strawberries at 15.5%, and pears at 41.2%.

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