Consumer prices rose 5.6% in September… Highest food prices in 30 years

September CPI rose 0.3% from the previous month

(Sejong = Yonhap Infomax) Reporter Choi Wook Choi Jin-woo = Consumer prices have been climbing at the 5% level for two consecutive months. Food prices, a measure of pressure on the demand side, reached their highest level in 30 years.

According to the ‘September Consumer Price Trend’ released by the Office for National Statistics on the 5th, the consumer price index rose by 5.6% last month from the same period last year.

This is the highest growth rate of 5% for two consecutive months following 5.7% in August. Compared to the previous month, it increased by 0.3%.

It is also in line with financial market expectations. Yonhap Infomax recently surveyed six major domestic and foreign financial institutions, and predicted that they would rise by an average of 5.73% compared to the same period last year.

Excluding variations due to seasonal factors or external shocks, the index (core price) excluding agricultural products and petroleum products rose by 4.5%.

The increase in the index excluding food and energy, which is the key price index based on the Organization for Economic Co-operation and Development (OECD), was 4.1%.

Cost of living rose by 6.5%. The fresh food index increased by 12.8%.

By type of item, the produce sector rose by 7.2%. In detail, agriculture, livestock and aquatic products rose 6.2%, industrial products rose 6.7%, and electricity, gas and water rose 14.6%, respectively.

The increase in the service sector was 4.2%. Rent rose by 1.8 per cent, public services by 0.7 per cent, and personal services by 6.4 per cent. Among them, personal service is the highest since April 1998 (6.6%).

Eating out, which can measure demand side factors in personal service, increased by 9.0%. This is the highest level since July 1992 (9.0%). Eating out was 4.5%.

In terms of contribution, eating out was the biggest contributor to the high rate of consumer price inflation at 1.14 percentage points. Eating out also reached 0.81 percentage points.

On the other hand, as international oil prices fell, petroleum products were 0.75 percentage points.

Eo Woon-seon, director of economic trend statistics at the National Statistical Office, said, “The slowdown in oil prices is the most effective reason for the slowdown in our steep rise in prices.”

This article was submitted at 08:00 on the Infomax financial information terminal.

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