Statistics Korea releases ‘Consumer Price Trends in July 2024’
Pears up 154%, apples up 39%,
Source=Statistics Korea,
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, ‘In July, the consumer price index rose by 2.6%. The consumer price index has remained in the 2% range for the past five months since April. However, due to the reduction in fuel tax cuts by the government, the rise in international oil prices, and the surge in oil prices leading to increases in fruit prices such as apples and pears.’,
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, ‘According to consumer price trends released by Statistics Korea on the 2nd, the consumer price index in July rose by 2.6% to 114.13 (base year 2020=100) compared to the same month last year.’,
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, ‘The consumer price index increased from 2.8% in January this year to 3.1% in February-March, then decreased to the 2% range from April (2.9%) and recorded 2.7% in May and 2.4% in June.’,
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, ‘Last month, oil prices led the rise in prices. Petroleum products rose by 8.4% from a year ago, marking the largest increase in 21 months since October 2022 (10.3%). Gasoline and diesel prices increased by 7.9% and 10.5%, respectively. The increase in international oil prices and the reduction of fuel tax cuts by the government had a significant impact. The government reduced the fuel tax cut on gasoline from 25% to 20% from the 1st of last month. As a result, the fuel tax increased by 41 won per liter, from 615 won to 656 won. The tax cut on diesel was also reduced from 37% to 30%.’,
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, ‘Prices of agricultural, livestock, and fishery products continued to rise by 5.5% last month, remaining at a high level. Fruit prices lifted the price level. The price of pears increased by 154.6% from a year ago, showing the largest increase ever, and prices of apples (39.6%) and grapes (5.1%) also followed the strong trend.’,
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, ‘However, the processed food index, which includes vegetables, fruits, and fish, rose by 7.7%. It is the lowest increase in nine months since October last year (7.6%). Shellfish (-1.0%) and fresh vegetables (-1.7%) decreased, while fresh fruits increased by 21.3%.’,
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, ‘The core inflation, which indicates the underlying price trend (excluding agricultural and petroleum products), rose by 2.1% from the previous year. The OECD-style core inflation index, excluding food and energy, increased by 2.2%.’,
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, ‘The living cost index, which is composed of items that are frequently purchased and closer to the perceived inflation, increased by 3.0%. Food prices rose by 3.4%, while non-food items rose by 2.7%.’,
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