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Biz News Korea(Eng)
Korea’s consumer price index up 1.2 percent in Sept., 7-month high
- Collected
- 2016.10.05
- Distributed
- 2016.10.06
- Source
- Go Direct
According to data released by Statistics Korea on Wednesday, the country’s consumer price index (CPI) gained 1.2 percent last month from the previous year, the biggest one-month increase since February this year. It remained under 1.0 percent for four straight months since May.
The prices of agricultural, livestock and fishery products jumped 10.2 percent from a year ago, sending up the headline CPI by 0.77 percentage point. The farm produces whose price soared 15.3 percent on year boosted the entire index by 0.60 percentage point.
Service prices rose 1.9 percent, lifting the CPI by 0.60 percentage point.
Utility prices slipped 13.9 percent compared to a year earlier due to the low oil prices and government-led temporary cut in household electricity bill, undercutting the inflation by 0.64 percentage point.
The core inflation excluding oil and farm produces gained 1.3 percent in September from a year ago. The CPI without food and energy, the standard by the Organization for Economic Cooperation and Development (OECD), increased 1.8 percent.
“Fresh food prices jumped due to the heat wave. There are still lingering concerns of deflationary pressure," said Woo Young-jae from Statics Korea.
By Kim Gyu-sik
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]