South Korea”s Consumer Rrices Rise 2.2%
Seoul, July 02 (QNA) – Consumer prices in South Korea rose nearly 2 percent in June, driven by higher costs for industrial goods, particularly processed food products. On an annual basis, they rose 2.2 percent last month compared to the same period last year.
Statistics Korea reported that inflation remained above the Bank of Korea”s 2 percent target for four consecutive months until April, before declining slightly to 1.9 percent in May. The June rate represents the largest year-on-year increase since January.
The report added that prices of processed food products rose 4.6 percent year-on-year, the highest increase since November 2023. Processed food prices contributed 0.39 percentage points to overall inflation last month.
Petroleum product prices rose 0.3 percent in June after declining the previous month. Electricity, gas, and water prices also rose by 1.8 percent, 3.1 percent, and 3.1 percent, respectively. Meanwhile, agricultural, livestock, and fishery product prices fell by 1.7 percent year-on-year in June.
Statistics Korea confirmed that core inflation, which excludes volatile food and energy prices, rose 2 percent year-on-year, the same rate as in May. (QNA)
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