According to the National Data Agency, the consumer price index for August rose to 120.05 (2020=100), marking a 3.1% increase compared to the same month last year.
The living cost index, calculated based on 144 frequently purchased items that are sensitive to price changes, increased by 3.2% from August of the previous year.
Meanwhile, the fresh produce index saw a significant decline of 6.7% year-on-year, attributed to an increase in the supply of agricultural, livestock, and fishery products. Lee Doo-won, an economic trends statistics officer at the data agency, noted, "It appears that government support events have influenced this trend."
However, prices for staple items such as rice (up 6.2%) and mackerel (up 6.5%) continue to rise. Additionally, prices for domestic beef (up 3.3%), imported beef (up 7.4%), eggs (up 5.2%), ginseng (up 31.1%), and hairtail fish (up 7.5%) have also increased.
Furthermore, the rise in consumer prices in August was significantly influenced by fuel and mobile phone charges. Fuel prices showed a double-digit increase, rising 14.2% compared to the previous year. Mobile phone charges also surged by 26.7% year-on-year. Lee stated, "The increase in mobile phone charges appears to be largely due to the base effect from last year."
Excluding food and energy, the index rose by 3.4% compared to a year ago, while the index excluding agricultural products and fuel increased by 3.1%.
* This article has been translated by AI.
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