South Korea’s Ministry of Economy and Finance reported that consumer prices rose 2.8% in October from a year earlier, slowing from 2.9% in September. Core inflation, which excludes food and energy, remained unchanged at 2.8%. Prices of agricultural, livestock and fishery products fell 1.7% from a year earlier as favorable harvests lowered agricultural prices. This helped offset increases of 2.9% in processed food prices and 14.9% in petroleum prices. Private services inflation also slowed to 3.3% from 3.5%, as easing price growth outside dining services outweighed a pickup in restaurant inflation. The ministry estimated that the existing petroleum price ceiling reduced October inflation by 0.8 percentage points, with inflation otherwise reaching 3.6%. The government is implementing measures to stabilize supplies of ingredients for seasonal kimchi preparation and plans to monitor and address supply risks for key agricultural, livestock and fishery products ahead of winter.
South Korea’s Ministry of Economy and Finance reports October inflation easing to 2.8%
South Korea’s Ministry of Economy and Finance reported annual consumer price inflation of 2.8% in October, down from 2.9% in September, while core inflation held at 2.8%. Falling agricultural, livestock and fishery prices helped offset increases in processed food and petroleum prices. The ministry estimated that the petroleum price ceiling lowered inflation by 0.8 percentage points, from an estimated 3.6% without the measure.