Highest since 2102
It has been found that South Korea recorded a consumer price index of 102.79 last month, up 2.2% from a year ago. This rate of increase is the highest since June 2012. The rate of increase was below 1% until August last year but exceeded 1% in the following month and reached 2.0% in January this year.
It was led by primary industry products. Specifically, the index of the prices of primary industry products rose 5.8% from a year earlier last month. It increased by 9.1% year on year in September 2016, 8.0% in November 2016 and 8.5% in January 2017. The price of eggs jumped by 43.1%, tangerines by 106.2%, cabbages by 91.5%, carrots by 71.8% and squids by 45.6%. Meanwhile, those of rice, strawberries and onions fell 14.5%, 10.9% and 11.3%, respectively.
The price of oil rose by 14.4% to show the rate of increase that is the highest since November 2011. It went up by 13.3% in February this year, too. As a result, transportation expenses increased 6.4% after an increase of 3.8% and 6.0% in January and February this year, respectively.
The consumer price index for living necessaries showed an increase of 2.8% in March this year, the highest since the first month of 2012. This index reflects the prices of 141 items closely related to people’s everyday lives such as foods, electricity, petroleum and housing rents.