S. Korea's consumer prices up 2% y/y in November
- 5 years ago
Consumer prices here in Korea rose two percent on-year in November... on the back of rising agricultural and petroleum goods prices.
Our Ko Roon-hee reports.
According to Statistics Korea Tuesday, consumer prices rose 2-percent on year for the second consecutive month in November... on par with the Bank of Korea's target goal.
This... after price growth had languished in the one-percent range for twelve straight months up until September.
The two main factors behind the rise were... soaring prices of agricultural and petroleum products.
Vegetable prices surged by more than 14-percent on year last month.
The agency said this was due to the lasting impact... of the summer's record heatwave and heavy rainfall.
In August, temperatures in Seoul sizzled at an 111-year high and the prolonged heat wave led to supply shortages.
However, on an on-month basis,... vegetable prices fell almost 11-percent,... an indication that the effects of the summer's inclement weather is starting to wear off.
Prices of petroleum products also rose by more than 6 percent on year... due to a global crude rally which lasted until early November.
Statistics Korea said a sharp drop in international oil prices starting mid November will be reflected in next month's data.
The agency also pointed out that prices of petroleum products decreased on-month... after the government slashed domestic transport fuel taxes by 15 percent for six months, starting November 6th.
Meanwhile, utility prices including electricity, water and gas went up by 1-point-5 percent on year.
Inflation excluding food and energy items, was up 1-point-1 percent on-year.
Ko Roon-hee, Arirang News.
Our Ko Roon-hee reports.
According to Statistics Korea Tuesday, consumer prices rose 2-percent on year for the second consecutive month in November... on par with the Bank of Korea's target goal.
This... after price growth had languished in the one-percent range for twelve straight months up until September.
The two main factors behind the rise were... soaring prices of agricultural and petroleum products.
Vegetable prices surged by more than 14-percent on year last month.
The agency said this was due to the lasting impact... of the summer's record heatwave and heavy rainfall.
In August, temperatures in Seoul sizzled at an 111-year high and the prolonged heat wave led to supply shortages.
However, on an on-month basis,... vegetable prices fell almost 11-percent,... an indication that the effects of the summer's inclement weather is starting to wear off.
Prices of petroleum products also rose by more than 6 percent on year... due to a global crude rally which lasted until early November.
Statistics Korea said a sharp drop in international oil prices starting mid November will be reflected in next month's data.
The agency also pointed out that prices of petroleum products decreased on-month... after the government slashed domestic transport fuel taxes by 15 percent for six months, starting November 6th.
Meanwhile, utility prices including electricity, water and gas went up by 1-point-5 percent on year.
Inflation excluding food and energy items, was up 1-point-1 percent on-year.
Ko Roon-hee, Arirang News.