South Korea's consumer prices climbed 2% y/y in Oct., highest in 13 months
  • 5 years ago
South Korea's consumer prices rose to a 13-month high in October mainly due to sharp increases in the price of agricultural goods and oil-related products.
Kim Ji-yeon reports.

Statistics Korea says the nation's overall consumer prices last month increased two-percent from the same period last year... on par with the Bank of Korea's target for the year.
It had previously remained in the one-percent range for 12 consecutive months since October last year.
The agency attributes the increases to steep rises in the prices of agricultural goods, which shot up by more than 14-percent.
In particular, prices of Korea's staple food, rice, rose by more than 24-percent.
Prices of petroleum goods also spiked by nearly 12-percent on-year... the fifth straight month it saw increases in the 10-percent range.
Core inflation, which excludes volatile oil and food prices, rose by one-point-one-percent from the same period last year.
Last month, the government tried to lower the burden from rising prices, saying it'll cut fuel taxes by 15-percent for six months starting November 6th.
This comes as the U.S. reinstates sanctions on Iranian oil next week... as part of efforts to force Tehran to accept a more restrictive deal on curbing its nuclear and missile program. That U.S. move is projected to further raise international oil prices... impacting buyers like South Korea which was one of the biggest buyers in Asia of Iranian oil.
Gasoline prices in Korea rose for the 17th straight week in the last week of October... to trade at around one-U.S. dollar and 50-cents a liter... according to Opinet, a gas price posting service run by the Korea National Oil Corporation.
Kim Ji-yeon, Arirang News.
Recommended