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[Breaking News] Consumer prices rise by 2.1% in July... Processed foods and seafood drive upward trend
Summary
- It was reported that the consumer price index in July maintained a 2% growth rate for the second month in a row.
- It was stated that prices for processed foods and seafood rose by 4.1% and 7.3% respectively, driving overall inflation.
- Both the core inflation index and the living price index increased by 2.0% and 2.5% respectively, indicating continued pressure on perceived consumer prices.
Consumer prices in July showed a 2% increase for the second consecutive month, maintaining an upward trend due to rising prices of processed foods and seafood.
According to 'Consumer Price Trends in July' announced by Statistics Korea on the 5th, last month's consumer price index was 116.52 (2020=100), up 2.1% from a year earlier.
The consumer price index growth rate remained in the 2% range from January this year, dropped to 1.9% in May, but has returned to the 2% range for the second month since June.
The price of processed foods rose by 4.1% due to increased factory prices, which raised the overall inflation rate by 0.35% points. Seafood prices climbed by 7.3%, marking a substantial increase. While agricultural product prices fell by 0.1%, the rate of decline eased compared to the previous month (-1.8%).
The core inflation index, which excludes food and energy and follows the Organisation for Economic Co-operation and Development (OECD) methodology, rose by 2.0%, remaining at the same level as the previous month (2.0%).
The living price index, which closely reflects perceived consumer costs and is composed mostly of frequently purchased items, also rose by 2.5%, the same as last month.
Seulgi Lee, Hankyung.com reporter seulkee@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
