Korea’s consumer prices climbed 1.4% y/y in Feb.


한파로 농산물값 ‘껑충’…전체물가는 5개월째 1%대

Consumer prices in Korea climbed one-point-four percent last month.
A cold snap prompted agricultural and fisheries to become more costly.
Price increases in lodging also played a part.
Kim Ji-yeon breaks down the digits for us.
Consumer price increases in Korea were in the one-percent range for the fifth straight month in February.
Statistics Korea says its consumer price index jumped one-point-four percent in February compared to the same period last year… a faster rate of increase than the one-percent on-year gain recorded in January.
The core inflation rate, which excludes volatile food and oil prices, was up one-point-two percent on-year.
Prices of food, drinks and accommodation increased, while communication prices dropped.
In particular, prices of agricultural and fisheries products spiked due to a cold snap last month… climbing a whopping three-and-a-half percent on-year… the biggest rate of increase in five months.
Price rises in the services sector also pushed up consumer prices in February… climbing one-point-seven percent compared to the same period last year, particularly those related to food and lodging.
The consumer price index has been hovering near the government’s target range of two-percent between February and September last year… mainly due to higher petroleum prices and the low base effect due to a nationwide discount on electricity bills the previous year.
But it fell into the one-percent range since October last year… as prices of vegetables stabilized before soaring last month.
Kim Ji-yeon, Arirang News.

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