March Consumer Prices Up 3.1%... Consecutive Two Months in the 3% Range (Update)

March Consumer Prices... Fruit Index Soars 40.9%

Due to the surge in agricultural product prices, especially fruits, consumer prices, which had stabilized at 2.8% in January, returned to the 3% range within a month. On the 6th, apples were displayed at the fruit stand of Hanaro Mart Yangjae Branch in Seocho-gu, Seoul. Photo by Jinhyung Kang aymsdream@

Last month, the consumer price inflation rate recorded 3.1%, continuing the rise above 3% for two consecutive months. After falling to the 2% range in the first month of the new year, showing a slowdown, the consumer price inflation rate resumed its 3% range trend due to a surge in fruit prices.

According to the 'March Consumer Price Trends' released by Statistics Korea on the 2nd, the consumer price index last month rose 3.1% compared to the same month last year. The consumer price inflation rate, which exceeded 3% from August to December last year, fell to the 2% range in January this year (2.8%) but has continued the 3% range trend for two consecutive months in February (3.1%) and March.

The core inflation index, excluding agricultural products and petroleum, rose 2.4% compared to the same month last year. The index excluding food and energy increased by 2.4% compared to the same month last year.

The living cost index rose 3.8% 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.

The living cost index peaked at 4.5% in October last year and slowed down until January this year (3.4%), but the rate of increase grew again in February (3.7%) and March. Among these, food prices surged 5.2% compared to a year ago. Non-food items rose 2.9%. The living cost index including rent rose 3.2%.

The fresh food index surged 19.5% compared to the same month last year. Fresh fruits showed the strongest increase, rising 40.9%, while fresh vegetables and fresh seafood rose 11.0% and 1.1%, respectively.

By item, apples had the largest increase at 88.2%, and pears and tangerines, which saw increased consumption as substitutes for apples, rose 87.8% and 68.4%, respectively. Tomatoes rose 36.1%, green onions 23.4%, and rice 7.7%.

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