S. Korea’s Consumer Prices Up 3.1% In Aug. On Fuel, Mobile Subscription Fees
South Korea's consumer prices moved up 3.1% in August from a year earlier, driven by oil prices remaining elevated and higher mobile service subscription charges. This followed a low base effect from large-scale discounts offered the previous year after a hacking incident.
According to data from the Ministry of Data and Statistics (as reported by Yonhap news agency), consumer price growth accelerated to 3.1% in August, up from 2.8% in July.
The consumer price increase was contributed by:
- Oil prices, up 14.2% year-on-year in August, down from 15.6% in July.
- Diesel prices rising sharply by 19.6% and gasoline prices advancing 11.5%.
- A 26.7% surge in mobile phone service charges.
Core inflation (excluding volatile food and energy prices) also jumped 3.4% on-year in August, the highest level since 3.8% in May 2023.