Consumer Prices Stay in 2% Range for Third Month... Seafood Prices Soar (Update)

March Consumer Price Trends Released by Statistics Korea

Prices of vegetables such as cabbage, radish, and carrots are rising one after another, making concerns about dining table prices a reality. On the 24th, cabbages were displayed at Yangjae Hanaro Mart in Seoul. The selling price of cabbage is about 4,500 won, approximately 50% higher than last year. 2025.03.24 Photo by Yoon Dong-joo

Last month, consumer prices continued to rise in the 2% range for the third consecutive month. The rate of increase slightly expanded compared to the previous month due to rising seafood prices.

According to the 'March Consumer Price Trends' released by Statistics Korea on the 2nd, the consumer price index last month rose 2.1% compared to a year earlier. This shows a slight increase from February (2.0%).

The consumer price inflation rate has been on an upward trend since hitting a low of 1.3% in October last year, rising to 1.5% in November, 1.9% in December, and then climbing back into the 2% range at the start of the new year. Since then, the 2% range inflation rate has continued for three consecutive months.

The core inflation index, which excludes food and energy items with volatile prices, rose 1.9% compared to a year ago, showing a larger increase than the previous month (1.8%). The index excluding agricultural products and petroleum also rose 2.1%.

The living cost index, which is composed mainly of frequently purchased items and is closer to perceived inflation, rose 2.4% compared to a year ago, showing a slight slowdown from the previous month (2.6%).

Among these, food prices rose 2.8% compared to a year ago, with an increased rate of rise, while non-food items rose 2.3%, lower than the previous month. The living cost index including rent and lease also rose 2.2%.

The fresh food index, which includes fish, vegetables, and fruits, fell 1.3% compared to the same month last year. This marks the second consecutive month of negative growth following last month. Fresh fruits dropped significantly by 6.1%, while fresh vegetables and fresh fish rose by 1.8% and 3.6%, respectively.

Last month, agricultural product prices fell 1.1% compared to the same month last year. Vegetable prices rose only 1.8%. Livestock products and seafood rose 3.1% and 4.9%, respectively, compared to the same month last year. The increase in seafood prices was the largest in one year and seven months since August 2023 (6.0%).

By major items, radish rose 86.4%, recording the largest increase following the previous month. While the increases in napa cabbage (49.7%), onions (26.9%), and tangerines (15.4%) were significant, tomatoes (-19.8%), gim (seaweed) (-26.5%), green onions (-18.3%), pumpkins (-13.8%), paprika (-13.1%), and cucumbers (-10.8%) declined.