The consumer price index in January recorded an increase of 2.2%, rising back to the 2% range for the first time in five months since last August. This reflects the impact of high foreign exchange rates in the 1450 won range following the state of emergency.
According to the 'January Consumer Price Trends' released by the Statistics Korea on the 5th, the consumer price index last month was 115.71 (2020=100), up 2.2% from the same month the previous year. Recently, inflation rates have recorded figures in the 1% range, with September (1.6%), October (1.3%), November (1.5%), and December (1.9%).
The consumer price increase in January is the highest since last July (2.6%) after six months. Prices of petroleum products such as gasoline (9.2%) and diesel (5.7%) rose 7.3%, marking the highest increase since last July (8.4%). The rise in petroleum product prices lifted overall prices by 0.27 percentage points.
By item, petroleum product prices rose 7.3% compared to the same month last year. Prices of vegetables (4.4%), livestock products (3.7%), and personal services (3.2%) also showed relatively high increases.
Among industrial products, prices of petroleum products such as gasoline (9.2%) and diesel (5.7%) rose significantly, and charges for urban gas (6.9%), district heating (9.8%), and water supply (3.6%) also increased.
Among agricultural, livestock, and fishery products, prices for pork (8.4%), tangerines (27.8%), napa cabbage (66.8%), radishes (79.5%), and seaweed (35.4%) increased. In particular, the price of napa cabbage rose the most in 2 years and 3 months since October 2022 (72.5%). The price of seaweed recorded its largest increase in 37 years and 2 months since November 1987 (42%). On the other hand, prices for green onions (-32%), rice (-5.9%), and potatoes (-23.2%) fell.
Service costs rose 2.3% compared to the same month last year. Specifically, housing rent increased by 0.6%, public services by 0.8%, and dining out by 2.9%. Excluding dining out, personal services rose by 3.5% due to increases in health insurance premiums.
Lee Doo-won, a senior official at Statistics Korea's Economic Trend Statistics Division, noted, "Although the rate of increase in agricultural product prices has somewhat decreased, prices excluding petroleum products and dining out have risen significantly due to the effects of rising international oil prices and exchange rates."
The core consumer price index, excluding food and energy, was 112.14 (2020=100), up 1.9% from the same month last year. This figure is 0.1 percentage points more than the previous month.
Another core price indicator, the index excluding agricultural products and petroleum, rose by 2.0% to 113.98 (2020=100). The increase was 0.2 percentage points larger than the previous month.
The living price index, which reflects the price fluctuations of essential goods, rose 2.5% compared to the same month last year to 118.52 (2020=100). Among these, food prices rose by 2.7%, while non-food prices increased by 2.5%. The living price index, including rent, recorded a 2.3% increase.
The fresh food index, consisting of 55 items affected by seasonal and weather conditions, increased by 0.7% compared to the same month last year, reaching 131.59 (2020=100). Specifically, fresh fish increased by 0.9%, fresh vegetables by 4.4%, while fresh fruits fell by 2.6%.