Last month, the consumer price inflation rate recorded a mid-to-late 5% range, the first increase in three months from the previous month.
Although the growth rate of petroleum products has slowed, electricity, gas and water prices have risen significantly in the aftermath of the utility rate hike, contributing to the overall inflation.
According to the 'October Consumer Price Trend' announced by the National Statistical Office today (2nd), the consumer price index last month was 109.21 (2020=100), up 5.7% from the same month last year.
The inflation rate rose to 6.0% in June and 6.3% in July, the highest since the financial crisis, then slowed to 5.7% in August and 5.6% in September, then resumed the upward trend in three months.
By item, petroleum products rose 10.7% and processed foods rose 9.5%, respectively, while industrial products rose 6.3%.
The growth rate of petroleum products rose to 39.6% in June and then slowed to 35.1% in July, 19.7% in August, and 16.6% in September.
Due to this influence, the contribution of industrial products to the total price decreased from 3.24 percentage points in June to 2.32 percentage points in September and 2.20 percentage points in October.
Agricultural and fishery products also rose 5.2%, lower than the previous month (6.2%).
Agricultural products rose 7.3%, slowing from the previous month (8.7%).
Vegetables rose 21.6% and livestock products rose 1.8%, respectively.
On the other hand, aquatic products rose 6.5%, higher than the previous month (4.5%).
Electricity, gas and water rose 23.1%, the highest level since January 2010, when statistics began to be compiled.
This is due to the increase in electricity and gas rates.
Accordingly, the contribution of electricity, gas and water increased from 0.48 percentage points in September to 0.77 percentage points in October.
The personal service growth rate was 6.4%, the same as the previous month (6.4%), the highest level since April 1998 (6.6%).
Dining out increased by 8.9% and personal service outside of eating out increased by 4.6%, respectively.
The core price index (excluding agricultural products and petroleum products), which shows the key price trend, rose 4.8%, increasing from the previous month (4.5%).
Another key inflation indicator, the index excluding food and energy, rose 4.2%, similarly higher than the previous month (4.1%).
The price index of living, which is mainly composed of items that are frequently purchased, rose 6.5%, which is close to the perceived price level, which is the same as the rate of increase of the previous month (6.5%).
Eo Woon-seon, director of economic trend statistics at the National Statistical Office, explained, "The rise in prices of industrial products such as petroleum and livestock and fishery products has slowed, but the rise has widened as the rise of electricity, water, and gas has expanded."
He also said, "There is a possibility that (July) will peak because we are expecting that (inflation rate) will not go up to the 6% level."