November Consumer Prices Up 1.5%... Three Consecutive Months of 1% Range Slowdown (Update)

Statistics Korea November Consumer Prices

Yonhap News

Last month, the consumer price inflation rate continued its slowing trend by recording a rise in the 1% range for the third consecutive month.

According to the 'November Consumer Price Trends' released by Statistics Korea on the 3rd, the consumer price index last month increased by 1.5% compared to the same month last year.

Previously, the consumer price inflation rate fell below 3% in April this year (2.9%) and then continued a slowing trend by staying in the 2% range for five consecutive months. After that, it dropped to the 1% range in September (1.6%) and maintained a 1% range increase for three consecutive months.

The biggest factor pulling down overall prices last month was petroleum products. The price of petroleum products fell by 5.3% compared to the same month last year, dragging the overall price down by 0.22 percentage points.

Prices of agricultural, livestock, and fishery products rose by 1.0%, with vegetables in particular increasing by 10.4%, pushing the overall price up by 0.15%.

The living cost index rose by only 1.6% compared to a year ago. The living cost index peaked at 4.6% in October last year, then fluctuated in the 3% range this year, and the rate of increase significantly slowed from September this year (1.5%).

The living cost index is compiled by selecting 144 items that are frequently purchased and have a large expenditure share, making consumers sensitive to price changes. Among these, food prices rose by 2.2% compared to a year ago, showing a slowdown in the rate of increase, while non-food items rose by 1.2%, showing an increase in the 1% range. The living cost index including rent and lease increased by 1.4%.

The fresh food index rose by 0.4% compared to the same month last year, a significant drop from the previous month's increase (1.6%). Fresh fruits fell sharply by 8.6%, while fresh vegetables and fresh fish increased by 10.4% and 0.4%, respectively.

By item, radish rose 62.5%, recording the largest increase following the previous month. The upward trends of pumpkin (42.9%), gim (seaweed) (35%), tangerines (23.2%), and tomatoes (15.3%) were considerable, but green onions (-20.7%), potatoes (-11.8%), apples (-8.9%), onions (-7.9%), chicken (-6.4%), and rice (-6.1%) declined.