Sun, 04 Dec 2022

S.Korea's consumer price growth slows in September

Xinhua
05 Oct 2022, 13:18 GMT+10

SEOUL, Oct. 5 (Xinhua) -- South Korea's consumer price growth slowed last month due to a lower increase in energy costs, statistical office data showed Wednesday.

The consumer price index (CPI) stood at 108.93 in September, up 5.6 percent from a year ago, according to Statistics Korea. It was down from a 5.7 percent gain in August.

The headline inflation fell for the second straight month after accelerating earlier this year with 4.1 percent in March, 4.8 percent in April, 5.4 percent in May, 6.0 percent in June and 6.3 percent in July, respectively.

The lower inflation in September was driven by a slower gain in oil products prices that were affected by cheaper crude oil.

Prices for industrial products, including oil products, climbed 6.7 percent in September from a year earlier, after rising 8.9 percent in July and 7.0 percent in August respectively.

Oil products prices went up 16.6 percent in September, after surging 35.1 percent in July and 19.7 percent in August. The rising pace of oil products price hovered above 30 percent for five successive months through July.

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