Business · Economy · 3 hrs ago
South Korea’s inflation held at 2.8% in October
South Korea’s consumer prices rose 2.8% in October compared with a year earlier, keeping inflation in the high 2% range for a second month.
Oil prices climbed 14.9%, adding 0.56 percentage points to the overall increase.
Processed food and restaurant prices each rose 2.9%, while farm, livestock and seafood prices fell 1.7% overall.
Fresh food prices were down 6.2%, and the measure excluding food and energy rose 2.8%.
Inflation remained elevated, despite the fall in some food prices.
That has strengthened the case for another rate increase at the central bank’s November policy meeting, but no decision is reported.
South Korea’s consumer price index rose 2.8% in October from a year earlier, marking a second consecutive month of inflation in the high 2% range.
The index stood at 120.73, using 2020 as the base year.
Petroleum prices jumped 14.9%, adding 0.56 percentage points to the overall inflation rate.
Prices for agricultural, livestock and fishery products fell 1.7%, lowering the overall rate by 0.14 percentage points.
Bloomberg said persistent inflation strengthened the case for another rate increase at the Bank of Korea’s November policy meeting.
- Who
- South Korea’s national statistics agency reported the consumer price figures.
- What
- Consumer prices rose 2.8% year on year in October.
- When
- October 2026. The figures were reported on November 3.
- Where
- South Korea.
- Why
- Petroleum prices rose sharply, while prices for agricultural, livestock and fishery products fell. Bloomberg said inflation also strengthened the case for another rate increase.
This story does not have two clearly opposing sides.
Inflation reached the 3% range as petroleum prices rose sharply, according to Maeil Business.
Inflation fell to 2.8%.
Inflation rose again to 3.1%.
Inflation was 2.9%.
Consumer prices rose 2.8% from a year earlier for a second consecutive month in the high 2% range.
- October inflation
- 2.8% year on year
- Consumer price index
- 120.73 (2020=100)
- Petroleum prices
- Up 14.9%; added 0.56 percentage points to inflation
- Agricultural, livestock and fishery prices
- Down 1.7%; reduced inflation by 0.14 percentage points
- Processed food prices
- Up 2.9%
- Fresh food index
- Down 6.2%