South Korea September inflation eases to 2.9% y/y, matches forecast
Lee Sang-jae, owner of a meat restaurant, cuts meat at a restaurant in Seoul, South Korea, June 23, 2022. REUTERS/ Heo Ran
SEOUL, Oct 2 : South Korea's annual consumer inflation slowed to the 2 per cent range in September, driven down by government price control measures and falling agricultural costs, official data showed on Friday.
The Consumer Price Index (CPI) rose 2.9 per cent in September from a year earlier, according to the Ministry of Data and Statistics.
That marked a moderation from the 3.1 per cent annual gain recorded in August and matched the 2.9 per cent median forecast in a Reuters poll of economists.
On a monthly basis, consumer prices edged up 0.3 per cent, picking up slightly after a 0.2 per cent gain in the previous month.
The finance ministry attributed the deceleration to active policy measures, noting that price caps imposed on domestic petroleum prices helped curb inflationary pressures.
"Agricultural, livestock, and fisheries prices fell year-on-year for a second consecutive month, supported by targeted government measures ahead of the Chuseok holiday," it said in a statement.
By category, prices for agricultural, livestock, and fisheries products fell 0.3 per cent from a year earlier, helping to moderate headline inflation.
Upward pressure remained across import-related costs. Industrial product prices rose 4.2 per cent from a year earlier, driven largely by petroleum products, which jumped 11.8 per cent. Diesel prices surged 20.0 per cent.
Transport costs rose 7.7 per cent, while prices at restaurants and hotels increased 2.8 per cent compared with the same period last year.
