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South Korea's consumer price inflation hits highest in over five years

Staff Writer |
South Korea's consumer price inflation hit the highest in over five years as heavy rain and heat wave increased vegetable prices, a government report showed.

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Consumer prices rose 2.6 percent in August from a year earlier, the highest increase since April 2012, according to Statistics Korea.

The sweltering heat and torrential rain during the summer season led to a 22.5 percent surge in vegetable prices last month, raising the overall consumer prices by 0.37 percentage points.

Prices for agricultural, livestock and fishery products advanced 12.2 percent in August from a year ago due to higher vegetable prices. It lifted the headline inflation by 0.96 percentage points.

Oil product prices gained 3.6 percent, resuming an upward trend shown earlier this year.

Prices for industrial products, including oil products, rose 1 percent last month. It pulled up the overall consumer price inflation by 0.31 percentage points.


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