Consumer prices up 2.8% in October, remain in 2% range for 2nd month
A shopper purchases groceries at a supermarket in Seoul, Oct. 30. Yonhap
Korea's consumer prices rose 2.8 percent in October from a year earlier, data showed Tuesday, as agricultural product prices continued to decline despite energy costs remaining elevated.
According to data from the Ministry of Data and Statistics, consumer price growth eased to 2.8 percent in October from 2.9 percent in September and 3.1 percent in August.
The data ministry said petroleum products' prices advanced 14.9 percent year-on-year in October, contributing 0.56 percentage point to the month's year-on-year inflation rate. It was the sharpest growth since 15.5 percent posted in July.
In detail, diesel prices jumped 19.7 percent year-on-year in October, while gasoline prices increased a sharp 11.6 percent.
Korea relies heavily on imports to meet its energy needs.
The report showed that prices of industrial products overall rose 4.4 percent year-on-year in October due to higher global energy prices, with those of mobile phones and computers climbing 10.8 percent and 26.2 percent, respectively.
Prices of imported automobiles, on the other hand, fell 3.9 percent over the same period.
In addition, prices of agricultural, livestock and fishery products fell 1.7 percent over the same period, the findings showed, lowering the overall inflation rate by 0.14 percentage point. It marked the third consecutive month of an year-on-year decline.
Prices of apples, napa cabbages and cucumbers fell 13.4 percent, 44.3 percent and 39.5 percent, respectively. Those of domestically produced beef, however, rose 9.1 percent.
The service sector's prices moved up 2.7 percent, led by higher insurance premiums and overseas package tour prices, which increased 13.4 percent and 11.5 percent, respectively.
Dining-out prices climbed 2.9 percent year-on-year in October, marking the highest increase since February, when they also increased 2.9 percent, and contributing 0.42 percentage point to the overall inflation rate.
Prices of electricity, gas and water went up 0.4 percent over the same period.
Core inflation, which excludes volatile food and energy prices, stood at 2.8 percent year-on-year in October.