South Korea August inflation +3.1% y/y, weaker than expected
Fuel and mobile bill base effects pushed consumer prices higher, while a government petrol cap trimmed inflation by 0.5 percentage point, officials said.
- South Korea's consumer prices rose 3.1% in August from a year earlier, according to the Ministry of Data and Statistics, returning to the 3 percent range after a 2.8% rise in July.
- Mobile phone charges surged 26.7 percent last month as a 50 percent discount from a year earlier ended, creating a base effect that added nearly 0.6 percent to overall inflation.
- The August increase was led by fuel costs, with diesel prices rising 19.6 percent and gasoline advancing 11.5 percent, while processed food prices rose 1.5 percent.
- On a monthly basis, the consumer price index rose 0.2%, falling short of the 0.3% increase economists expected, while Petroleum product prices rose 14.2 percent.
- Excluding the base effect, consumer inflation would have stood at around 2.5 percent, suggesting underlying inflationary pressures remain significantly lower than the headline 3.1% figure.
12 Articles
12 Articles
South Korea August inflation +3.1% y/y, weaker than expected
SEOUL, Sept 2 (Reuters) - South Korea's consumer prices rose 3.1% in August from a year earlier, government data showed on Wednesday, coming in below market expectations. That was faster than the 2.8% rise in July but weaker than a 3.2% increa...
The consumer price inflation rate for August recorded 3.1%. This represents a 0.3 percentage point increase from the previous month's 2.8%, marking a return to the 3% range after two months. With the service price inflation rate expanding to 3.7%, rising prices for transportation and public services drove the overall price increase. According to the "August Consumer Price Trends" released by the National Data Center on the 2nd, the consumer pric…
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Consumer prices in August rose 3.1% compared to a year ago. According to the "August Consumer Price Trends" released by the National Data Center on the 2nd, the consumer price index in August increased by 3.1% year-on-year. After showing growth rates in the 3% range in May (3.1%) and June (3.2%), prices dropped to the 2% range in July (2.8%) before returning to 3%
South Korea's CPI rose 3.1 percent in August compared to the same month a year earlier, following CPI inflation of 2.8 percent the month before.
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