On Thursday, Statistics Korea reported that South Korea’s inflation rate has been above 3 percent for the third consecutive month in October. Consumer prices rose 3.8 percent compared to the same period last year, increasing from a 3.7 percent year-on-year increase in September.
Inflation had been decreasing since April, when the on-year price growth dropped below 4 percent for the first time in over a year. The figure reached a 25-month low of 2.3 percent in July, however, it rose to 3.4 percent in August and further to 3.7 percent the following month due to higher oil costs and rising prices of some farm goods.
The Bank of Korea has said that inflationary pressure is likely to remain above 3 percent until the end of this year, which is higher than its target rate of 2 percent.
People shop at a discount store in Seoul, in this file photo dated Oct. 5, 2023. (Yonhap)
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