The January consumer price inflation rate recorded 2%. As international oil prices fell, the pace of price increases slowed for two consecutive months. According to the ‘January Consumer Price Trends’ report released on the 3rd by the Ministry of Data and Statistics, last month’s consumer price index stood at 118.03, 2020=100, up 2% from the same month of the previous year. Recent inflation rates were ▲2.1% in September of last year ▲2.4% in October ▲2.4% in November ▲2.3% in December. The pace of increase slowed for two consecutive months following December of last year. As international oil prices fell, the price increase rate for petroleum products stagnated. It reduced the pace of increase significantly compared to a month ago (6.1%). Last month, international oil prices averaged $61.7 per barrel based on Dubai crude, down $18.7 from January of last year ($80.4 per barrel). Agricultural, livestock, and fisheries product prices rose by 2.6%. This marked a slower pace of increase compared to a month ago (4.1%) and the smallest rise in four months since September of last year. Lee Du-won, an economic trend statistics deliberation officer from the Ministry of Data and Statistics, said, “The price increase rate for fruits slowed, centered around mandarins, whose shipments increased, and cherries, whose imports rose,” adding, “For vegetables, the price decline widened as shipments increased due to expanded cultivation areas for napa cabbage, radishes, and others.” However, prices for some items such as rice (18.3%), apples (10.8%), lettuce (27.1%), young rockfish (21%), and mackerel (11.7%) rose significantly. Egg prices also showed a high increase rate (6.8%) due to the spread of highly pathogenic avian influenza (AI). In particular, fisheries and livestock products rose by 5.9% and 4.1%, respectively, widening the overall increase in agricultural, livestock, and fisheries product prices. The officer added, “Prices are expected to stabilize in February due to measures for Lunar New Year peak season products.” The service price inflation rate was 2.3%. The officer explained, “Outpatient and inpatient medical costs rose due to partial increases in medical service fees at the beginning of the year, and sewerage rates were raised in Seoul, Busan, and other areas.” The living cost index, which reflects perceived prices by focusing on frequently purchased items, rose by 2.2%. The fresh food index, reflecting ‘table prices,’ fell by 0.2%. The OECD’s core inflation indicator, which excludes food and energy prices, rose by 2%. Another core inflation indicator, which excludes agricultural products and petroleum products, increased by 2.3%.   (ICE SEOUL)

Fonte notizia: The Chosun Daily