In February, South Korea experienced a rise in inflation to over 3 percent, influenced by elevated prices of fresh food items and energy, according to Statistics Korea. The consumer price index, a principal inflation measure, increased by 3.1 percent compared with the 2.8 percent rise observed the previous month. This acceleration marks a departure from the trend observed over the past four months.
Notably, January saw inflation dip below 3 percent for the first time since July 2023, attributed to a 2.4 percent rate. However, rising costs in fruits, agricultural produce, and energy have reignited inflationary pressures. Agricultural, livestock, and fishery product prices surged by 11.4 percent, with agricultural items alone witnessing a 20.9 percent hike, contributing significantly to the overall inflation increase. Specifically, apple and tangerine prices soared by 71 percent and 78.1 percent, respectively, with a collective 41.2 percent increase in 18 major fruit varieties, marking the highest rise in over three decades. Industrial product prices also experienced a 2.1 percent increase, influenced by imported vehicles, ice cream, and clothing costs.
Core inflation remained steady at 2.5 percent, excluding volatile food and energy prices.
Source: koreatimes.co.kr