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S. Korea’s inflation slows to 0.4% in Aug, lowest in 16 months

Collected: 2016.09.02

Distributed: 2016.09.05

Source: Go Direct

South Korea’s inflation eased to the slowest pace in August since April last year due to prolonged sluggishness in global oil prices and drop in utility fees after the government offered to ease summer electricity bill amid unprecedented lengthy heat wave.

According to data released by the Statistics Korea Thursday, the nation’s consumer price index (CPI) gained 0.4 percent last month from a year ago, hovering below the 1 percent level for four straight months since May.

Petroleum-related product prices were down 8.8 percent in August from the same month in the previous year, undermining the inflation by 0.37 percentage point. Sagging oil prices worldwide and the government’s decision to cut the electricity bills from July to September to help ease burden on households brought down utility charges by 12.6 percent.

Sweltering heat sent up not only the mercury, but also the prices of fresh food produce. Prices of fisheries rose 6.5 percent, lifting up the CPI by 0.07 percentage point.

Service prices grew 1.9 percent, led by an on-year 2.5 percent increase in rent prices.

Yoo Soo-young, head of Price Policy Division at the Ministry of Strategy and Finance said the actual CPI in August is about 0.8 percent, excluding temporary summer discount on electricity bill.

By Nah Hyun-joon

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