Consumer prices rose 5.2% in January…Electricity and gas surge 28.3% from the previous year

[박성원 기자] With consumer prices rising 5.2% year on year in January this year, high inflation has continued for more than six months in the 5% range.

In particular, electricity, gas and water increased by 28.3% from the same month last year, and electricity prices in January also rose by 9.2%, increasing inflationary pressure.

According to ‘Consumer Price Trends January 2023’ published by the Office for National Statistics, the consumer price index in January rose by 0.8% from the previous month and 5.2% from the same month last year.

Of the total of 458 items, the price index of 144 items, which are sensitive to price changes due to high frequency of purchase and high proportion of spending, rose by 1.0% from the previous month and 6.1% from the same month last year, respectively.

Looking at trends by purpose of expenditure, housing, water, electricity and fuel rose by 8.0%, showing the biggest increase compared to the same month in the previous month.

Food/accommodation (7.7%), food/non-alcoholic beverages (5.8%), other products/services (7.9%), transport (3.0%), household goods/household services (5.3%), clothing/shoes (5.9% ), entertainment and culture (3.9%), education (1.7%), health (1.4%), communication (1.1%), and alcohol and tobacco (2.3%) all show an upward trend.

Looking at consumer price trends by region, compared to the previous month, Busan, Gwangju, and Jeju rose by 0.9%, Seoul, Daegu, and Incheon rose by 0.8%, Sejong, Gyeonggi, Chungnam, Jeonnam, and Gyeongnam 0.7%, and Chungbuk and Gyeongbuk 0.6% high.

Compared to the same month last year, Gangwon increased by 5.9%, Chungnam by 5.7%, Chungbuk by 5.6%, Jeonbuk and Jeonnam by 5.5%, Gyeongbuk by 5.4%, Daegu, Incheon and Gwangju by 5.3%, Seoul, Daejeon and Sejong 5.1%, Busan, Ulsan, Gyeonggi, Gyeongnam, and Jeju rose 5.0% each.

An official from the National Statistical Office said, “The increase in inflation in January was largely influenced by the increase in electricity rates.”