The consumer price index (CPI) rose 2.6 percent in July from a year earlier after advancing 2.9 percent in April, 2.7 percent in May and 2.4 percent in June, according to Statistics Korea.
The headline inflation continued to surpass the Bank of Korea (BOK)'s mid-term inflation target of 2 percent. The BOK has left its benchmark interest rate unchanged at 3.50 percent since January last year.
Price for agricultural, livestock and fishery products gained 5.5 percent in July on a yearly basis, lower than a growth of 6.5 percent in June and 8.7 percent in May.
Agricultural products price increased 9.0 percent last month, lifting the overall inflation by 0.34 percentage points.
Apple price soared 39.6 percent, with pear price more than doubling in the cited month. Prices for lettuce, oriental melon and banana declined in double digits.
Livestock products price climbed 2.2 percent, and fishery products price added 0.9 percent.
Prices for pork and imported beef went up in single figures, but those for local beef and chicken slipped in double digits.
Oil products price mounted 8.4 percent in July from a year earlier, marking the fastest increase in 21 months since October 2022.
Gasoline price picked up 7.9 percent, with diesel price jumping 10.5 percent.
Price for industrial products, including oil products, swelled 2.6 percent last month, raising the headline inflation by 0.86 percentage points.
The processed food price climbed 2.0 percent in July on a yearly basis after rising 1.2 percent in the previous month.
Price for electricity, natural gas and tap water was up 1.0 percent, pulling up the overall inflation by 0.04 percentage points.
Heating costs and waterworks fee expanded 9.7 percent and 3.8 percent, respectively, with city gas charges edging up 0.5 percent.
Private service price, including eating-out cost, spiked 2.9 percent last month, while public service price gained 1.9 percent.
The eating-out expense increased 2.9 percent, drawing up the inflation by 0.40 percentage points.
Housing rent, including Jeonse and monthly rent, inched up 0.4 percent in July from a year earlier.
Jeonse is South Korea's unique contract between two households where a landlord grants the two-year residential right to a tenant, who in turn lends a certain amount of money, or deposit, to the landlord.
The livelihood items index, which gauges price for daily necessities, went up 3.0 percent in July after expanding 2.8 percent in the previous month.
The fresh food index, which measures the price for fish, shellfish, fruit and vegetable, gained 7.7 percent last month, after surging in double digits for the past nine months.
Demand-side inflationary pressure remained relatively low. The core consumer price index, which excludes volatile agricultural and oil products, climbed 2.1 percent last month.
The OECD-method core price, excluding volatile energy and food costs, was up 2.2 percent.
Latest comments