Consumer prices rose by over 2% for the first time in five months.
According to Statistics Korea, consumer prices in January increased by 2.2% compared to a year ago.
After slowing to 1.6% in September last year and maintaining the 1% range, prices jumped to the 2% range after five months.
Prices dropped to 1.3% in October, then continued an upward trend, reaching 1.5% in November and 1.9% in December for three consecutive months.
The rising trend in international oil prices and the won/dollar exchange rate have been analyzed as the main factors driving up prices.
Petroleum product prices, such as gasoline up by 9.2% and diesel by 5.7%, rose by 7.3%, raising overall prices by 0.27 percentage points.
Vegetable prices also increased by 4.4%, with cabbage up by 66.8% and radishes by 79.5%.
The price of dried seaweed surged by 35.4%, marking the largest increase since November 1987, while carrot prices increased by 76.4%, the highest in 7 years and 11 months.
The cost of personal services, excluding dining out, rose by 3.5%, marking the highest increase rate in 13 months.
The rise in insurance service fees, such as personal insurance premiums, contributed to this increase.
Statistics Korea explained that the rise in the exchange rate in November and December appears to have been reflected in petroleum products, and it may take some time to affect processed foods and other raw materials.
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