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South Korean consumer prices rise 1 percent in 2016

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Food Prices
Food Prices

Consumer prices in South korea rose 1 percent in 2016 compared with the previous year on the back of low crude oil prices, a government report showed Friday.

After posting 1.3 percent increase in 2014, the consumer price inflation sank to a record low of 0.7 percent in 2015, before rebounding to 1.0 percent this year, according to Statistics Korea.

Low crude oil prices dragged down the headline inflation, but higher prices in agricultural products resulted in a rebound in 2016.

The 2016 figure was far below the Bank of Korea’s mid-term inflation target of 2 percent, the third lowest since related data began to be compiled.

Farm goods prices stayed high as heat wave in summer raised agricultural prices, while the rapid spread of avian influenza in recent months led to the soar in egg prices.

Prices for agricultural, livestock and fishery products advanced 3.8 percent in 2016 from a year earlier, lifting the overall headline inflation by 0.30 percentage points. It was the fastest increase since 2011.

Meanwhile, prices for electricity, tap water and natural gas plunged 9.2 percent amid low crude prices. It dragged down the overall inflation by 0.41 percentage points.

Core inflation, which excludes volatile agricultural and oil products, gained 1.6 percent, with the OECD-method figure excluding food and energy climbing 1.9 percent. Enditem

Source: Xinhua/NewsGhana.com.gh

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