South Korea's inflation has exceeded 2%.

This data shows a resurgence in inflation after two months of slowdown, driven by sharp price increases in rice, eggs, meat, and the cost of eating out. Consumer prices also rose due to increased prices of industrial products and public services, especially with the rebound in oil prices and the end of telecommunications fee waivers from carriers. This price increase is also influenced by the baseline effect – a comparison with lower prices during the same period last year. Prior to this, South Korea's CPI growth rate remained at 2% for four consecutive months.

According to Lee Doo-won, Director of the Economic Trends Statistics Bureau, the termination of mobile phone fee waivers by some carriers is the reason for the year-on-year increase in public services, pushing the September CPI up to 2.1%.

Although the prices of vegetables such as radishes (down 42.1%), carrots (down 49.6%), and Chinese cabbage (down 24.6%) fell sharply by 12.3%, the prices of agricultural, forestry, and aquatic products still increased by 2.0% compared to the same period last year due to the strong increase in the prices of livestock meat (5.4%) and seafood (6.4%).

Notably, the price of glutinous rice increased by 46.1% and regular rice by 15.9%. This is a significant price increase due to the recent surge in rice prices. Prices of livestock products such as pork (6.3%), domestic beef (4.8%), and especially eggs (9.2%) have skyrocketed. This increase in egg prices is the largest in 3 years and 8 months, since January 2022 (15.8%). Prices of some fruits such as apples (5.5%) and seafood such as mackerel (10.7%) also continued their upward trend.

Prices of industrial products increased by 2.2%, while electricity, gas, and water rose by 0.3%. Prices of processed foods (4.2%), with items such as coffee (15.6%) and bread (6.5%), increased significantly, and prices of petroleum products also rebounded by 2.3%, with diesel rising by 4.6% and gasoline by 2.0%.

General service prices increased by 2.2%. Public service prices rose by 1.2% due to the end of SKT's mobile phone discount program. Personal services increased by 2.9%, particularly dining out, which rose by 3.4%, with items like salads/sashimi (6.0%) and coffee (5.0%) being the main factors driving up food service prices.

Source: https://vtv.vn/lam-phat-cua-han-quoc-vuot-muc-2-100251002210532338.htm