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Core Inflation Rises 4.5% to Post Most Growth since Financial Crisis

Written: 2023-08-07 10:04:56Updated: 2023-08-07 10:46:33

Core Inflation Rises 4.5% to Post Most Growth since Financial Crisis

Photo : YONHAP News

Core inflation has posted the largest growth since the 2009 financial crisis.

According to Statistics Korea on Monday, the measurement, which excludes volatile energy products and agricultural products easily affected by weather, rose four-point-five percent on-year in the January-to-July period.

The rate represents the largest increase since the first seven months of 1998 when it posted six-point-eight percent and exceeds the growth of four-point-two percent tallied in the first half of 2009.

While core inflation has usually stayed around one to two percent range, it reached three percent last January before hitting five percent in the first month of this year.

The rising rate is mainly attributed to climbing prices in the service sector led by prices at restaurants.

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