Korea's food price inflation fastest growing among OECD members
The prices of foodstuffs and non-alcohol beverages in South Korea were up 4.5 percent from a year before, the third highest after Mexico's 4.9 percent and Japan's 4.7 percent, according to the OECD data. South Korea was second in October and first in September.
The OECD's statistics cover most foods, including fruits, vegetables, grains, snacks, non-alcohol beverages, water and condiments and other products. While the food measured differs by country they are composed of highly consumed products in each individual member.
"The food price increase had been slower in the early part of last year, starting at 1.6 percent in January and rising to the 3 percent range in the February-April period. It fell to 0.8 percent in May and dipped to minus territory in June and July before coming back up to 0.5 percent in August. The price started to jump from September after record-setting summer heat drove up the cost of vegetables. Fishery items became expensive at the same time from falling supply, in part due to failed fishing pact negotiations with Japan in June." Yonhap News reported.
source: english.yonhapnews.co.kr
