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Inflation Slows to 3.3% in November

Written: 2023-12-05 08:33:50Updated: 2023-12-05 14:57:31

Inflation Slows to 3.3% in November

Photo : YONHAP News

Consumer prices grew at a slower pace in November while still continuing to rise over three percent for the fourth consecutive month.

According to Statistics Korea on Tuesday, the country's consumer price index stood at 112-point-74 in November, up three-point-three percent from a year earlier.

After slowing to two-point-three percent in July, the inflation rate continued to grow to three-point-four percent in August, three-point-seven in September and three-point-eight percent in October.

The slower growth in November is attributed to a drop in the price of petroleum products, which slipped five-point-one percent last month from a year earlier.

From a month ago, consumer prices dropped zero-point-six percent to post the first drop in a year.

The growth of prices of agricultural, fisheries and livestock products slowed to six-point-six percent on-year in November, but the prices of fresh food products soared 12-point-seven percent, expanding by the fastest pace in 14 months.

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

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