February Consumer Prices Up 4.8%... 4% Range for the First Time in 10 Months (Update)

Statistics Korea, February Consumer Price Trends

The inflation rate in February this year dropped to the 4% range for the first time in 10 months. This was due to petroleum products turning to a decline after a year and a slight slowdown in the rise of personal services such as dining out.

On the 6th, Statistics Korea announced the 'Consumer Price Trends for February 2023' containing these details.

The consumer price index for February was 110.38 (2020=100), rising 0.3% compared to the previous month. Compared to the same month last year, it rose 4.8%, narrowing the increase by 0.4 percentage points from 5.2% in the previous month.

The core inflation rate, which excludes seasonal factors and temporary shocks, represented by the 'Index excluding agricultural products and petroleum products,' rose 0.3% month-on-month and 4.8% year-on-year.

The food and energy excluding index, calculated based on 309 items excluding food and energy-related items according to OECD standards for core inflation, rose 0.3% month-on-month and 4.0% year-on-year.

The fresh food index increased 1.1% month-on-month and 3.6% year-on-year.

Kim Bo-kyung, Director of the Economic Trend Statistics Review Division at Statistics Korea, said, "The main factors for the decline were petroleum products turning to a decline after a year, falling 1.1% year-on-year, and a slight slowdown in the rise of personal services such as dining out. Also, the index excluding agricultural products and petroleum products rose 4.8%, and the food and energy excluding index was 4.0%, slightly down compared to last month."