Consumer prices up 2.9% in September

Korea's consumer prices increased by 2.9% in September compared to the previous year, according to data released by the Ministry of Data and Statistics. Energy costs remained high, while prices for agricultural goods dipped. The consumer price growth returned to 2% levels in September, up from 2.8% in July and 3.1% in August. The report was published at a time when petroleum product prices remained high due to prolonged geopolitical tensions in the Middle East, rising by 14.8% on-year in September.

Diesel prices surged by 20%, while gasoline prices increased by 11.8%. As Korea heavily relies on imports for its energy needs, the government believes the currently implemented fuel price cap has limited the overall rise in consumer prices by 0.6 percentage points. Industrial product prices rose by 4.2% from a year earlier in September.

However, prices for agricultural, livestock, and fishery products fell by 0.3%, primarily due to a decline in agricultural goods.