The inflation rate in South Korea decreased to 2.8% year-on-year in October, supported by a continued decline in agricultural product prices.
The Korean Ministry of Data and Statistics reported that the Consumer Price Index rose by 2.8% in October. This figure marks a decrease from 2.9% in September and 3.1% in August.
The report highlighted that energy prices surged by 14.9% year-on-year in October, contributing approximately 0.56 percentage points to the inflation rate for the month.
Additionally, the prices of imported vehicles fell by 3.9%, while prices for agricultural, livestock, and fishery products decreased by 1.7% during the same period.
The core inflation rate, which excludes the most volatile items such as food and energy, also stood at 2.8% year-on-year in October.
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