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Consumer price inflation last month rose 3.2% from the same month last year, the highest in nine years and nine months. Petroleum prices have risen sharply due to the rise in international oil prices, and the burden of telecommunication costs, which had been lowered by the telecommunication cost support policy last year, increased again, raising the rate of increase.
Correspondent Jo Ki-ho.
<Reporter> The
consumer price index last month was 108.97, up 3.2% from the same month last year.
It is the biggest increase in nine years and nine months since January 2012, when it recorded 3.3%.
[Oounseon/Statistics Office Economic Trend Statistics Review Officer: Prices of services, industrial products, electricity, gas, water, and livestock and fishery products all rose 3.2% compared to the same month of the previous year.] By
item, petroleum prices rose 27.3% in August 2008 It was the biggest increase since the month of 27.8%.
Public services rose 5.4% and private services rose 2.7%, respectively.
Electricity, water and gas rose 1.1% as a result of the rate hike.
Rents also rose sharply.
Jeonse increased by 2.5% compared to the same month last year, and monthly rent also increased by 0.9%.
Agricultural products such as vegetables -17.4% fell sharply, but the prices of livestock products such as pork 12.2%, imported beef 17.7% and eggs 33.4% rose 13.3%.
The cost of living, which consumers are sensitive to price fluctuations, also rose by 4.6%.
The National Statistical Office explained that the price of petroleum products continued to rise, and the base effect, which provided telecommunication expenses to 18 million people in October last year, was reflected in this inflation.
In November, the government announced that it will bring down inflation as the base effect of telecommunication cost support disappears, but that international oil price rises and supply disruptions are likely to take longer than expected, so it will take all-out measures to stabilize inflation.