Consumer prices rise 3.1% in August, returning to the 3% range after two months
Translated from Korean and summarized by DistantNews. Read the original for the full story.
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- South Korea’s consumer price index rose 3.1% year on year in August, according to the National Data Office.
- Inflation returned to the 3% range after easing to 2.8% in July, while core inflation excluding food and energy reached 3.4%.
- Industrial goods and services prices increased, while agricultural, livestock and fishery prices fell 2.6%.
South Korea’s consumer prices rose 3.1% in August from a year earlier, bringing inflation back into the 3% range after a one-month dip below it.
The National Data Office said the consumer price index had risen 3.1% in May and 3.2% in June before slowing to 2.8% in July. August’s figure marked a return to the level seen in May.
Industrial goods prices increased 3.7%, while services also rose 3.7%. Electricity, gas and water prices climbed 0.4%. By contrast, prices for agricultural, livestock and fishery products fell 2.6%.
The core measure excluding food and energy, based on the OECD standard, increased 3.4%. The fresh food index declined 6.7%, while the living necessities index, which tracks frequently purchased goods and more closely reflects consumers’ perceived inflation, rose 3.2%.
About this summary
Originally published by Hankyoreh in Korean. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.
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