S. Korea's consumer price growth remains flat in August, economy grows revised 1% q/q in Q2
- 5 years ago
For the first time, South Korea's consumer prices did not rise at all in August compared to a year ago.
In the meantime, the country's central bank lowered its calculation of growth in the second quarter.
Yoon Jung-min starts us off.
Statistics Korea announced on Tuesday that overall consumer prices remained unchanged in August compared to last year,... something that has never happened in all the months data have been collected since 1965.
In fact, the statistics agency said that with the rounding error, that amounts to a fall in prices.
Since January this year,... consumer inflation has stayed below 1 percent.
The data show it was held down by lower prices for agricultural and fishery products and oil.
In particular, agricultural goods fell some 11 percent on-year due to relatively stable weather conditions this summer.
Oil prices were down more than 6 percent... driven by a drop in prices internationally and a temporary tax cut on fuel.
On the same day, the Bank of Korea revised the country's GDP growth down to 1 percent compared the previous quarter to some 379 billion U.S. dollars.
The central bank mainly attributed the slow growth to sluggish exports and less government spending.
By sector, growth in agriculture and fisheries fell more than 3 percent,... while manufacturing grew slightly over 1 percent.
The central bank also said real gross national income for April to June increased by zero-point-2 percent on-quarter.
That figure was slightly up due mostly to an increase in GDP... despite a fall in exports.
Yoon Jung-min, Arirang News.
In the meantime, the country's central bank lowered its calculation of growth in the second quarter.
Yoon Jung-min starts us off.
Statistics Korea announced on Tuesday that overall consumer prices remained unchanged in August compared to last year,... something that has never happened in all the months data have been collected since 1965.
In fact, the statistics agency said that with the rounding error, that amounts to a fall in prices.
Since January this year,... consumer inflation has stayed below 1 percent.
The data show it was held down by lower prices for agricultural and fishery products and oil.
In particular, agricultural goods fell some 11 percent on-year due to relatively stable weather conditions this summer.
Oil prices were down more than 6 percent... driven by a drop in prices internationally and a temporary tax cut on fuel.
On the same day, the Bank of Korea revised the country's GDP growth down to 1 percent compared the previous quarter to some 379 billion U.S. dollars.
The central bank mainly attributed the slow growth to sluggish exports and less government spending.
By sector, growth in agriculture and fisheries fell more than 3 percent,... while manufacturing grew slightly over 1 percent.
The central bank also said real gross national income for April to June increased by zero-point-2 percent on-quarter.
That figure was slightly up due mostly to an increase in GDP... despite a fall in exports.
Yoon Jung-min, Arirang News.