April Consumer Prices Rise 2.9%... Back to 2% Range After Three Months (Update)

Statistics Korea Consumer Prices
Fruit Prices Continue to Rise
Pear 102.9% Record Highest Increase

On the 24th, apple boxes were displayed at Hanaro Mart Yangjae branch in Seocho-gu, Seoul. According to the Korea Price Information, a professional price survey organization, which investigated the cost of ancestral rites tables at traditional markets and large marts three weeks before Seollal, the cost for a four-person household this year was 281,500 won at traditional markets and 380,580 won at large marts. This is the highest level ever recorded. In particular, prices of fruits and vegetables rose by more than 25%, driving up grocery prices. Photo by Kang Jin-hyung aymsdream@

Last month, the consumer price inflation rate slowed down to the 2% range again, recording 2.9% after three months.

According to the 'April Consumer Price Trends' released by Statistics Korea on the 2nd, the consumer price index last month rose 2.9% compared to the same month last year.

The consumer price inflation rate, which had slowed to the 2% range in the first month of the new year (2.8%), surged above 3% in February (3.1%) and March (3.1%) due to a sharp increase in fruit and vegetable prices, before falling below 3% again after three months.

The core inflation index, excluding agricultural products and petroleum, rose 2.2% compared to the same month last year. The index excluding food and energy increased by 2.3% compared to the same month last year.

The living cost index rose 3.5% compared to the same month last year. The living cost index is calculated based on 144 items out of a total of 458 items, which are frequently purchased and have a large expenditure share, making price changes more sensitive.

The living cost index peaked at 4.5% last October, then the rate of increase slowed down until January this year (3.4%), but it continued to rise consecutively in February (3.7%) and March (3.8%).

Among these, food prices surged 4.5% compared to a year ago. Non-food items rose 3.0%. The living cost index including rent and deposit increased by 3.0%.

The fresh food index soared 19.1% compared to the same month last year. Fresh fruits showed the strongest rise, increasing by 38.7%, while fresh vegetables and fresh seafood rose by 12.9% and 0.6%, respectively.

By item, pears, which have increased in consumption as a substitute for apples, recorded the largest increase ever at 102.9%. Apples rose 80.8%, tomatoes 39.0%, napa cabbage 32.1%, squid 14.9%, and rice 4.5%.