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InsightEconomy2023년 8월 소비자물가

Despite Falling Agricultural Prices... Consumer Prices Jump 3.1% in August

Consumer prices in August rose by 3.1% compared to the same month last year, marking a return to the 3% range. While agricultural prices fell by 2.6%, utility costs increased.

7:54 PM

Source Insight

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Consumer prices in August rose by 3.1% compared to the same month last year, marking a return to the 3% range. According to the National Data Agency's 'August Consumer Price Trends' report, the inflation rate, which had maintained the 3% range in May and June, slowed to 2.8% in July but returned to an upward trend after two months.

Electricity, gas, and water bills increased by 0.4%, adding additional burden to consumers. In contrast, agricultural prices fell by 2.6% compared to a year ago, creating a stark contrast. These price changes are directly impacting consumers' shopping baskets.

According to the Organization for Economic Cooperation and Development (OECD) standards, core inflation, which reflects basic price trends, rose by 3.4% compared to a year ago. The fresh food index, sensitive to weather conditions, showed a decline of 6.7%. However, the living cost index, composed of frequently purchased items, rose by 3.2%, further heightening consumers' perception of inflation.