South Korea May inflation cools to 19-month low, core inflation eases
People walk along the public area of the Cheonggye Stream in Seoul, South Korea on May 11, 2023. (AP Photo/Ahn Young-joon)
SEOUL: South Korea's consumer inflation eased for a fourth consecutive month in May to the lowest level in 19 months, data showed on Friday (Jun 2), matching market expectations.
The consumer price index stood 3.3 per cent higher in May than a year earlier, the Statistics Korea data showed, compared with a 3.7 per cent rise in the previous month and 3.3 per cent forecast in a Reuters survey.
It marked the slowest rise since October 2021, having peaked at a near 24-year high of 6.3 per cent in July 2022.
On a monthly basis, the index rose 0.3 per cent in May, after a 0.2 per cent increase in April, extending its run of gains to a sixth consecutive month.
By product, agricultural prices rose 0.5 per cent over a month earlier, while utility prices jumped 2.2 per cent. Petroleum products dropped 1.4 per cent, however, dragging the annual rate lower.
The core CPI, which excludes volatile food and energy prices, was 3.9 per cent higher in May than the same month a year earlier and marked the slowest increase in 10 months.
It was the second straight month that the annual core inflation rate had stayed above the headline rate, following its 4.0 per cent rise in the previous month.
