South Korea September Inflation Slows to 2.9 Percent
South Korea's annual consumer inflation fell to 2.9% in September, driven by government interventions in food prices and petroleum price caps.
Annual consumer inflation in South Korea slowed to 2.9% in September, down from 3.1% in August. Data from the Ministry of Data and Statistics shows the figure aligned with economist forecasts, primarily due to a 0.3% year-on-year decrease in agricultural, livestock, and fisheries prices for the second consecutive month.
The Ministry of Economy and Finance attributed the deceleration to active policy measures, including targeted government interventions ahead of the Chuseok holiday and price caps on domestic petroleum. These efforts helped offset rising import-related costs that continued to pressure other sectors.
Industrial product prices rose 4.2%, with significant surges in diesel prices at 20.0% and petroleum products at 11.8%. Other increases included transport costs, which rose 7.7%, and prices for restaurants and hotels, which climbed 2.8% compared to the previous year.
