Inflation Rate in South Korea Drops to 2.8% in January

The inflation rate in South Korea dropped to below 3 percent for the first time in six months in January.

The Korean news agency “Yonhap” cited data from the Korean Statistical Office, stating that consumer prices, which are a major gauge of inflation, rose by 2.8 percent on an annual basis last month, compared to a 3.2 percent increase in the previous month.

She added that this is the first time the figure has dropped below 3 percent since July of last year, when prices rose by 2.4 percent. In August, inflation rose to 3.4 percent, then to 3.7 percent and 3.8 percent in the following two months, before reaching 3.3 percent in November.

Price growth slowed for the third consecutive month in January.

The core inflation rate, which excludes volatile food and energy prices, increased by 2.6 percent on an annual basis in January. Additionally, agricultural, animal, and fish product prices rose by 8 percent on a yearly basis last month, while industrial product prices increased by 1.8 percent.(AFP)