South Korea Inflation Rate Slows to 14-Year Low

In September of 2013, South Korean annual inflation rate eased to 0.8 percent, the lowest rate since September of 1999, as favorable weather conditions improved agricultural production, leading to a fall in food prices. From August to September, prices increased 0.2 percent.

Year-on-year, food prices dropped 1.2 percent and transport cost declined 0.9 percent. Prices of miscellaneous goods and services decreased 0.6 percent, followed by cost of furnishing and household equipment and communication (-0.2 and -0.1 percent respectively). In contrast, housing prices showed the highest increase (3.2 percent), followed by cost of clothing and footwear (2 percent). 

From August to September, the index for food and non-alcoholic beverages, transport, communication and recreation and culture decreased 0.2 percent, 0.5 percent, 0.1 percent and 0.9 percent respectively. The index for clothing and footwear, furnishings, household equipment and routine maintenance, health and miscellaneous goods and services increased 0.7 percent, 0.5 percent, 0.2 percent and 4.5 percent respectively in September. 

Core inflation rate, which excludes agricultural products and oils increased 0.4 percent from the preceding month and rose 1.6 percent from September of 2012.

South Korea Inflation Rate Slows to 14-Year Low

Statistics Korea | Joana Taborda |
10/1/2013 10:07:26 AM