BUSINESS

[Monitor] Biggest consumer price hike in more than 5 years in August

By Korea Herald
  • Published : Sept 1, 2017 - 16:07
  • Updated : Sept 1, 2017 - 16:07

South Korea’s consumer prices in August made the greatest jump in more than five years, mainly due to a sharp increase in food prices, government statistics showed Friday.

Korea’s consumer price index rose 2.6 percent last month from the year before, which is bigger than the previous months’ 2.2 percent hike, according to Statistics Korea. It is the highest gain since April 2012, when the inflation rate had hit 2.6 percent.

The statistics bureau attributed the inflation hike to a monthlong drought in the spring followed by heat waves and floods in the summer that drove up food prices.

Prices of fresh fruit and vegetables soared 22.8 percent on-year in August. In particular, tomato prices soared 45.3 percent and grape prices rose 31.6 percent, on-year, last month.