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Inflation continued to rise above 2% for the fifth month in a row. In addition to livestock and fishery products such as eggs and meat, oil prices and rents also rose sharply, leading to inflation.
Reporter Hwa Kang-yoon reports.
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consumer price index for August, compiled by the National Statistical Office, rose 2.6% from the same month last year.
The 2.6% increase was the same as in July, recording an increase of around 2% for the fifth month in a row since April.
[Eo Woon-seon/Statistics Office Economic Trend Statistical Review Officer: The upward trend of agricultural, livestock and fishery products has slowed somewhat, but as the upward trend of petroleum and processed food is expanding… .]
Eggs rose 54.6%, showing a double-digit increase for eight consecutive months, while pork rose 11% and watermelon 38.1%, up 7.8%.
Petroleum products such as diesel 23.5% and gasoline 20.8% jumped more than 20%, and industrial products also rose 3.2% as raw material price hikes led to processed food price hikes.
This is the biggest increase in 9 years and 3 months since 3.5% in 2012.
Core prices, measured excluding agricultural products and petroleum products, which have large temporary factors, also rose 1.8%, the largest increase in four years.
The cost of personal service rose 2.7%, with the price of eating out and insurance service rising by 9.6% and 2.8%.
Monthly rent rose 0.9%, the largest increase in seven years since 2014, and Jeonse rose 2.2%.
As the Chuseok holiday approaches and international oil prices are likely to rise further, the high price march is expected to continue in the second half of the year.
The government announced that it will continue its efforts to stabilize prices, including supplying 100 million imported eggs this month and increasing the supply of major holy items by 40% in preparation for the holidays.