The consumer price inflation rate continued to stabilize, slowing to the low 2% range.

According to the consumer price trend announced by Statistics Korea on the 3rd, the consumer price index in August was 114.54 (2020 = 100), up 2.0% from a year ago.

It is the lowest level in three years and five months since recording 1.9% in March 2021.

The consumer price inflation rate, which had been slowing down after falling below 3% in April (2.9%), increased sharply in July (2.6%) before falling back to the bottom of the 2% range last month.

By item, industrial product prices rose 1.4%, pushing up overall prices by 0.47 percentage points (p).

Agricultural, livestock and fishery products rose 2.4%.

The contribution to prices was 0.19%p.

The fresh food index, which is related to the ‘price of food’, rose by 3.2%, a significant decrease from the previous year (7.7%).

The consumer price index also showed a slowdown, rising by 2.1% compared to the previous month (3.0%).

The OECD-style core price index, which excludes food and energy, rose 2.1 percent.

This is a 0.1%p slowdown from the previous quarter (2.2%).

/Yonhap News