October Consumer Prices Up 2.4%, Highest in 15 Months... Shopping Basket Inflation Remains Unstable (Update)

Last month, the consumer price index rose for the third consecutive month, reaching the mid-2% range. The increase was driven by price hikes in daily necessities such as processed foods, dining out, and transportation costs.

According to the "October 2025 Consumer Price Trends" released by the National Data Office on November 4, the consumer price index rose by 2.4% year-on-year last month, marking the highest level in one year and three months since July of last year (2.6%). The consumer price index had remained in the 2% range in June and July, slowed to 1.7% in August, but then climbed again to 2.1% in September.

Prices of agricultural, livestock, and fishery products rose by 3.1% year-on-year, with the rate of increase expanding from the previous month. Among agricultural products, the prices of vegetables such as napa cabbage (-34.5%) and radish (-40.5%) fell, but rice (21.3%) and apples (21.6%) saw sharp increases.

Since early this month, an early heatwave has caused a 'heatflation' phenomenon with rising agricultural product prices. In the past week, the price of a whole watermelon has exceeded 30,000 won, and especially vegetables vulnerable to heat, such as napa cabbage and spinach, have seen price increases. On July 14, watermelons were displayed at Hanaro Mart Yangjae Branch in Seocho-gu, Seoul. 2025.7.14. Photo by Kang Jinhyung

Industrial goods prices rose by 2.3%. Within this category, processed foods (3.5%) and petroleum products (4.8%) led the upward trend. Coffee (14.7%) and bread (6.6%) recorded double-digit increases, while petroleum products such as diesel (8.2%) and gasoline (4.5%) continued to rise due to higher international oil prices and exchange rate effects.

Service prices rose by 2.5%. Among personal services (3.4%), both dining out (3.0%) and non-dining out items (3.6%) posted high growth rates. In particular, increases in accommodation, travel, and insurance premiums contributed to a stronger sense of inflation. Public services (1.2%) and rent (0.8%) also rose moderately.

Lee Dowon, Director of Economic Trend Statistics at the National Data Office, stated, "For vegetables, the price decline widened due to increased shipments and base effects from last year, but for rice, frequent rains delayed shipments, leading to a larger price increase this month."

According to the Organization for Economic Cooperation and Development (OECD) standard, the core inflation rate (excluding food and energy) rose by 2.2% year-on-year, and the index excluding agricultural products and petroleum products increased by 2.5%, with both recording a greater increase than the previous month. The cost of living index rose by 2.5%, while the fresh food index fell by 0.8%.

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