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Consumer Prices Rise 3.4% in August

Written: 2023-09-05 08:46:14Updated: 2023-09-05 13:54:51

Consumer Prices Rise 3.4% in August

Photo : YONHAP News

Consumer prices rose over three percent in August as heavy rains and heat waves pushed up the prices of agricultural products.

According to Statistics Korea on Tuesday, the country's consumer price index stood at 112-point-33 in August, up three-point-four percent from a year earlier to mark the largest growth since April when it posted three-point-seven percent.

After slowing from February, the inflation rate posted a 25-month low of two-point-three percent in July, but surpassed three percent again in as many months.

The prices of agricultural products rose five-point-four percent on-year in August due to the adverse weather conditions, while the prices of petroleum products dropped eleven percent in August compared to a 25-point-nine percent drop in the previous month.

Core inflation, which excludes volatile food and oil prices, rose three-point-nine percent on-year.

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