The consumer price index rose 3.1% in August. It climbed 0.3 percentage points from 2.8% in the previous month, returning to the 3% range for the first time in two months. With service prices accelerating to 3.7%, higher transportation and public service costs drove overall inflation.
According to the "August consumer price trends" that the Ministry of Data and Statistics (MODS) released on the 2nd, last month's consumer price index was 120.05 (2020=100), up 3.1% from a year earlier. The consumer price inflation rate widened from March (2.2%), April (2.6%), May (3.1%), and June (3.2%) this year, then slowed to 2.8% in July, but the increase widened again in a month.
Service prices rose 3.7% from a year earlier. The gain widened by 1.1 percentage points from the previous month (2.6%). In particular, the public service price inflation rate jumped from 1.4% in the previous month to 6.5% last month. It is the highest increase in 25 years since August 2001 (7.2%). Mobile phone charges rose 26.7% year over year, and outpatient fees increased 2.0%.
Personal service prices rose 3.5%. Dining-out prices rose 2.7%, and personal services excluding dining out increased 4.0%. Passenger car rental fees, insurance service fees, overseas group travel costs, apartment maintenance fees, and automobile repair costs rose. A Ministry of Data and Statistics (MODS) official said, "It is the base effect from a 50% discount on telecom charges in August last year," and noted, "Excluding this, the August inflation rate is roughly 2.5%."