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S. Korea's Consumer Price Index inflation rate 1.1% y/y in Feb.: Statistics Korea Updated: 2021-03-05 03:58:15 KST

South Koreans might have to be a bit thriftier during the grocery shop as consumer prices in February saw the biggest jump in a year.
According to Statistics Korea on Thursday, the Consumer Price Index stood at 1-hundred-7 last month, up one.one percent on-year.
The inflation was largely driven by agricultural, livestock and fisheries product prices, which increased by 16.2 percent the sharpest increase in ten years.

"Agricultural product prices rose by over 21 percent. The price of green onions last month was more than three times higher compared to the previous year."

Some other common products saw a huge jump in prices apples rising more than 55 percent, eggs up over 41 percent and rice almost 13 percent.

"Prices of fruit and vegetables have been showing an upward trend due to a poor harvest last year following the long monsoon season and typhoons. This month in particular had additional demand during the Lunar New Year holiday, driving the huge jump in the prices.

Following this surge, it's not difficult to find supermarket customers hesitating to pick up groceries that are now much more expensive.

"The price is too high. I pick it up and I let it go. and end up buying just a little bit. What we use almost every day like onions and green onions,I only buy half of what I would have used before.

The pandemic also led more people to cook at home last month which helped push up the prices for food and drink by 9.7 percent.
The price of services was also up point-5 percent.
On the other hand, entertainment and culture, phone bills, transport and education all saw price drops.
Industrial product prices were down point-seven percent, despite the rise in global oil prices.
Even though consumer prices surged this month, the core inflation rate, an index that excludes food and energy prices, edged up 0.8 percent, staying below one percent for three consecutive months.
Kim Sung-min, Arirang News
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