South Korea March consumer prices rise 3.1 percent

South Korea March consumer prices rise 3.1%

/ 08:03 AM April 02, 2024

South Korea March consumer prices rise 3.1%

Office workers pick up lunch boxes at a convenience store in Seoul, South Korea, June 24, 2022. Picture taken June 24, 2022. REUTERS/ Heo Ran/File photo

SEOUL — South Korea’s consumer prices rose 3.1 percent in March from the same month the year before, official data showed on Tuesday, in line with market expectations and matching the previous month’s pace.

On a monthly basis, the consumer price index rose 0.1 percent, slower than the 0.5 percent rise in February and the 0.3-percent gain tipped in a Reuters survey of economists.


Prices of agricultural products jumped 1.3 percent over the month, while petroleum products also climbed 1.5 percent.


READ: South Korea inflation quickens in February after 3 months of easing

Last month, South Korea came up with measures to stabilise produce prices, as inflation emerged as a major policy issue heading into the country’s parliamentary election.

The Bank of Korea held interest rates at a 15-year high at their last meeting in February, with most board members saying it was too early for a policy pivot. The central bank next meets on April 12.

Core CPI, excluding volatile food and energy items, rose 2.4 percent in March on an annual basis, slightly off the 2.5-percent pace in February and the slowest increase since December 2021.

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TAGS: consumer prices, Inflation, South Korea

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