S. Korea's Consumer Price Index up 3.7% y/y in Nov., biggest jump in nearly 10 years
Updated: 2021-12-02 13:42:13 KST
South Korea's consumer prices in November saw their biggest jump in nine years and 11 months.
Statistics Korea on Thursday said the Consumer Price Index last month stood at 109.4-1, up 3.7 percent from a year earlier.
Consumer prices have seen on-year rises of more than two percent since April.
It's also the second time this year that the figure has topped three percent, following a 3.2 percent gain in October.
"Consumer prices continued to rise in the 3 percent range for the second consecutive month. This comes as prices of personal services and industrial goods, such as petroleum products and processed foods, continue to tick up. Also, agricultural goods are up again, with vegetable prices rising."
Prices of agriculture, livestock and fishery products rose 7.6 percent on-year
with cucumber and lettuce seeing significant jumps following a sharp drop in temperatures.
The prices of eggs and pork were also up almost 33 percent and 14 percent, respectively.
Prices of industrial products climbed 5.5 percent, posting the biggest rise in a decade due to rising oil prices.
The price of gasoline rose almost 34 percent, while diesel and LPG jumped by nearly 40 percent from the previous year.
Last month, the government temporarily cut fuel taxes by 20 percent for 6 months in a bid to ease the burden on consumers.
But, the effects of those cuts have not yet been fully reflected at the pumps.
Going forward, Finance Minister Hong Nam-ki expects inflation to slow in December as global oil prices are likely to stabilize and the impact of fuel tax cuts will help drive down inflationary pressure.
Min Suk-hyen, Arirang News.