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Biz News Korea(Eng)
Korea’s consumer price index gains 1.3 % in Oct, fastest in 8 months
- Collected
- 2016.11.01
- Distributed
- 2016.11.02
- Source
- Go Direct
According to data released by Statistics Korea Tuesday, the nation’s consumer price index (CPI) gained 1.3 percent last month from a year earlier, the biggest year-on-year gain since February this year. The figure stayed above 1 percent for the second consecutive month, after hovering below 1 percent from May to August.
The prices of agricultural, livestock and fishery products soared 8.1 percent from the previous year, lifting the headline CPI by 0.60 percentage point. Prices of farm produces jumped 10.3 percent on year and those of livestock and fisheries up 6.1 percent and 5.3 percent, respectively.
The prices for petroleum-related products slipped 5.7 percent from a year ago, but the fall eased from 7 percent pace in September.
Utility prices were down 8.2 percent on year compared to the 13.9 percent fall in September due to the government’s one-time summer relief in electricity bills.
The prices of food and non-alcoholic drinks rose 5 percent from last year after producers raised factory prices in processed food including snacks, affecting the headline inflation by 0.69 percentage point.
“There are more factors pushing the inflation up than down as prices of petroleum-related goods will likely head higher from rebound in international oil prices and planned hike in city gas bill,” said Woo Young-jae from Statistics Korea.
By Kim Gyu-sik
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]