Why did South Korea’s consumer prices rise 2.9 percent in September?

The increase was driven mainly by elevated energy costs, especially petroleum products, which rose 14.8 percent on-year. Industrial product prices also climbed 4.2 percent, while services rose 2.7 percent.

How did food prices move in September in South Korea?

Prices of agricultural, livestock and fishery products fell 0.3 percent overall. Lower prices for napa cabbage and apples offset gains in domestically produced beef and pumpkins.

Consumer prices up 2.9% in September

Q: What did the government say about the fuel price cap’s effect on inflation?

The government said the fuel price cap in place was estimated to have limited the overall increase in consumer prices by 0.6 percentage point. The report also noted that petroleum prices stayed high amid prolonged geopolitical tension in the Middle East.

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Summary

Korea’s consumer prices rose 2.9 percent in September from a year earlier, returning to the 2 percent range as energy costs stayed elevated and agricultural goods fell. Petroleum product prices jumped 14.8 percent, while the government said the fuel price cap cut the overall rise by 0.6 percentage point. Core inflation also increased 2.8 percent.

Key Facts

Consumer prices rose 2.8 percent in July and 3.1 percent in August before easing to 2.9 percent in September.
Diesel prices rose 20 percent on-year in September, while gasoline prices increased 11.8 percent.
Prices of agricultural, livestock and fishery products fell 0.3 percent, led by declines in napa cabbage and apples.
Prices of services rose 2.7 percent, with insurance premiums up 13.4 percent and overseas package tour prices up 19.3 percent.

By Yonhap

Published Oct 2, 2026 8:12 am KST
Updated Oct 2, 2026 8:29 am KST

Oil prices are displayed at a gas station in Seoul, Sept. 20. Yonhap

Korea's consumer prices rose 2.9 percent in September from a year earlier, data showed Friday, with energy costs remaining elevated while prices of agricultural goods declined.

According to data from the Ministry of Data and Statistics, consumer price growth returned to 2 percent levels in September.

The consumer price increase came to 2.8 percent in July and 3.1 percent in August.

The latest report was released at a time when prices of petroleum products remained elevated amid the prolonged geopolitical tension in the Middle East, rising 14.8 percent on-year in September.

In detail, diesel prices rose sharply by 20 percent, and gasoline prices shot up 11.8 percent.

Korea relies heavily on imports to meet its energy needs.

The government, meanwhile, said the fuel price cap currently in place is estimated to have limited the overall increase in consumer prices by 0.6 percentage point.

The report showed that prices of overall industrial products rose 4.2 percent from a year earlier in September.

Prices of agricultural, livestock and fishery products, on the other hand, fell 0.3 percent, led by lower prices of napa cabbage and apples, which dropped 9.2 percent and 15.2 percent, respectively.

The report showed that prices of domestically produced beef and pumpkins rose by 6.6 percent and 46.9 percent, respectively.

"Prices of agricultural products faced upward pressure in September, as the Chuseok holiday fell in October last year. But prices fell on-year for two straight months on the back of the government's discount programs and supply expansion," the finance ministry said in a separate report.

Prices of agricultural, livestock and fishery products backtracked 2.6 percent on-year in August.

Prices in the service sector rose 2.7 percent, led by higher insurance premiums and overseas package tour prices, which increased 13.4 percent and 19.3 percent, respectively.

Prices of electricity, gas and water rose 0.4 percent over the period.

Core inflation, which excludes volatile food and energy prices, also advanced 2.8 percent on-year in September.

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