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| Name | S. Korea's consumer price index growth slows to 2.3% despite rising vegetable prices |
| Video Uploader | Video From Arirang News |
| Upload Date | This Video Uploaded At 02-08-2023 05:03:26 |
| Video Discription | 폭우에 시금치•상추 가격 2배 속 7월 물가상승률 2.3% 25개월 만에 최저 Meanwhile signs of a cool down continue on the inflation front with consumer prices seeing the smallest on-year gains in over 2 years at 2-point-3 percent. But crop prices remain a concern amid the heat. Our Moon Hye-ryeon has more. Consumer prices in South Korea continued to slow in July despite rising vegetable prices following the heavy rain and flooding. Data from Statistics Korea showed that the Consumer Price Index, a key gauge of inflation, rose by 2-point-3 percent compared to the same month last year. This is the lowest figure seen in over two years, and marks the sixth month in a row that the on-year rise has fallen. “The key factor behind slowing inflation is the drop in oil prices, which have dropped on-year at the largest rate since data was first compiled in 1985.” But given a resurgence in oil prices amid rising summer demand and tightening global supply, this effect may wear off soon – on top of more expensive vegetables. Compared to the previous month, vegetable prices jumped by over seven percent. This is largely due to price increases for vegetable crops affected by the heavy rainfall that hit the country last month. According to the Korea Agro-Fisheries and Food Trade Corporation, the prices of lettuce and spinach more than doubled within the space of a month. The price of cucumbers also rose by 17 percent, and spring onions by over 23 percent. With these vegetables among the 144 products measured in the consumer price index for daily necessities, the related index rose by 1-point-6 percent on-year. And the extreme heat which has gripped the country for the past week or so could continue to affect consumer prices. Owing to the volatility of food prices, Statistics Korea takes an average between three values taken throughout the month – as a result, the effects of weather conditions such as rainfall or a heatwave is not greatly reflected in the consumer price index. “While the effects of the monsoon were partially reflected in July’s data and may continue to affect the index in August, vegetation also has a short growth period so it’s difficult for us to predict what will happen in August.” Core inflation as measured by the OECD excluding volatile categories such as food and energy was up by 3-point-3 percent in July – the lowest growth since April last year. Moon Hye-ryeon, Arirang News. #economy #SouthKorea #consumer_price_index #price #inflation #vegetable_prices #Consumer_prices #heavy_rain #flooding #Weather #Statistics_Korea #oil_price #food_price #Arirang_News 📣 Facebook : https://www.facebook.com/arirangtvnews 📣 Twitter : https://twitter.com/arirangtvnews 📣 Homepage : https://v2.arirang.com/ 2023-08-02, 12:00 (KST) |
| Category | News & Politics |
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