The National Statistical Office has released the consumer price trends for July 2023, indicating a moderate increase in consumer prices compared to the previous month and the same period last year.
Key Findings for July 2023:
- Monthly Consumer Price Index (CPI): The Consumer Price Index for July increased by 0.1% compared to the previous month. On an annual basis, the CPI rose by 2.3% compared to the same period last year. This rise is primarily attributed to increases in service costs and agricultural products, despite a decline in utility prices.
- Excluding Agricultural and Petroleum Products: The CPI, excluding agricultural and petroleum products, experienced a slight decrease of 0.1% compared to the previous month but increased by 3.9% on an annual basis.
- Excluding Food and Energy: The CPI, excluding food and energy products, rose by 0.2% compared to the previous month and by 3.3% on an annual basis.
- Cost of Living Index: The overall cost of living index remained stable compared to the previous month. However, on an annual basis, it recorded a 1.8% increase. Within this index, food prices experienced a higher increase of 4.1%, while non-food items rose by 0.4%.
- Fresh Food Index: The fresh food index showed a notable increase of 4.4% compared to the previous month and a 1.3% increase on an annual basis. Fresh vegetables saw a decrease of 5.3% from the same period last year, while fresh fish and fresh fruits recorded increases of 6.2% and 5.2%, respectively.
The consumer price trends for July 2023 indicate a moderate inflationary pressure on the economy, with certain categories experiencing higher price growth. The South Korean government and relevant authorities are closely monitoring the inflationary trends and taking appropriate measures to ensure price stability and economic growth.