This year's consumer prices ended with a 2.3% increase. Compared to 5% in 2022 and mid-3% last year, the annual inflation rate has stabilized in the 2% range for the first time in three years. However, due to high fruit and vegetable prices throughout the year, the agricultural product inflation rate recorded the highest in 14 years.
According to the '2023 Annual Consumer Price Trends' released by the National Statistical Office on the 31st, this year's consumer price index was 114.18 (2020=100), up 2.3% from last year.
The annual inflation rate was in the 0% range from 2019 to 2020, rose to 2.5% in 2021, 5.1% in 2022, and 3.6% last year, continuing the 'high inflation trend,' but it has decreased to the 2% range this year.
Oil prices fell by 1.1% compared to the previous year, contributing to the stabilization of prices. Additionally, the rate of increase in most other items slowed compared to the previous year, also reducing the rate of increase.
Although the overall inflation rate was restrained, it was a year of high agricultural product prices. Agricultural product prices rose 10.4% from a year ago, marking the largest increase in 14 years since 2010 (13.5%). Similarly, the fresh food index (9.8%) also recorded the largest increase in 14 years, and looking specifically at fresh fruit (17.1%), it was the highest price in 20 years since 2004 (24.3%).
The consumer price index, which reflects perceived prices focusing on 144 items with high purchase frequency and expenditure weight, rose 2.7% compared to the same month last year. The core inflation rate, which shows the basic trend of prices according to the Organization for Economic Cooperation and Development (OECD) standards (excluding food and energy), rose 2.2% compared to the same month last year, and the domestic standard index excluding agricultural products and oil rose 2.1%.