S. Korea posts Consumer Price Index inflation rate of 2.6% y/y in July: Statistics Korea
Updated: 2021-08-03 08:48:39 KST
Consumer prices in the month of July jumped by two.six percent from a year ago, posting the biggest rise in 2021.
According to Statistics Korea on Tuesday, the Consumer Price Index stood at 1-hundred-7.6-1 last month, rising by more than two percent on-year for four consecutive months.
The increase was due largely to a 2.7 percent increase in the price of personal services like dining out and traveling.
Due to the lingering impact of the poor harvest, the prices of farm and fisheries products also rose 9.6 percent.
Although it is the first time this year that the increase was not in double digits, it is still a major contributor to the high inflation.
The prices of eggs jumped 57 percent and garlic was up almost 46 percent.
Red pepper powder rose more than 34 percent.
And industrial product prices continued their upward trend, rising 2.8 percent, driven by an increase in diesel and gasoline prices.
Statistics Korea expects inflation to stabilize in the second half of the year as the prices of fresh produce and oil are expected to fall.
Kim Sung-min, Arirang News.