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Consumer Price Growth Falls below 5% for First Time in 10 Months

Written: 2023-03-06 08:53:52Updated: 2023-03-06 13:25:15

Consumer Price Growth Falls below 5% for First Time in 10 Months

Photo : YONHAP News

Inflation dipped below five percent for the first time in ten months in February.

According to Statistics Korea on Monday, the country's consumer price index stood at 110-point-38 last month, up four-point-eight percent from a year earlier.

The latest number came after the index rose five-point-two percent in January, and represents the first on-year growth below five percent since posting four-point-eight percent last April.

Inflation gradually slowed after peaking at six-point-three percent in July of last year, but remained in the five- or six-percent range for nine consecutive months from last May to this January.

The prices of electricity, gas and water jumped 28-point-four percent on-year in February, the highest since 2010 when the nation started compiling related data.

The prices of industrial goods rose five percent last month from a year earlier, while prices of agricultural, livestock and fisheries products gained one-point-one percent on-year.

Core inflation, which excludes volatile food and oil prices, went up four-point-eight percent on-year.

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