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Alsharq Tribune-Otaify
South Korea's consumer price inflation remained above 2 percent for the third consecutive month in November, driven by the local currency's depreciation against the U.S. dollar, statistical ministry data showed Tuesday.
The consumer price index (CPI) rose 2.4 percent in November from a year earlier, after gaining 2.1 percent in September and 2.4 percent in October, according to the country's Ministry of Data and Statistics.
The headline inflation stayed above the central bank's mid-term inflation target of 2 percent in recent months.
The high inflation was attributable to the rapid depreciation of the South Korean won against the U.S. dollar, which led to a significant increase in the prices of oil products and some imported foodstuffs.
The exchange rate jumped to 1,424.4 won per dollar at the end of October from 1,402.9 won a month earlier, and later hit 1,476.0 won during the daytime trading session on Nov. 21, the highest since April 9.
Prices of industrial products, including oil products and processed food, swelled 2.3 percent in November compared to the same month of last year, unchanged from the growth rate in October.
Oil product prices surged 5.9 percent last month, the fastest increase since February. Gasoline and diesel prices rose by 5.3 percent and 10.4 percent, respectively.
Processed food prices climbed 3.3 percent, pushing up the overall inflation rate by 0.28 percentage points.
Prices for agricultural, livestock and fishery products mounted 5.6 percent last month, higher than an expansion of 3.1 percent in the previous month.
Housing costs, including both Jeonse and monthly rent, were up 0.9 percent in November from a year earlier.
The livelihood items index, which gauges the price of daily necessities, rose 2.9 percent in November on a yearly basis, while the fresh food index, which measures prices of fish, shellfish, fruits and vegetables, gained 4.1 percent.
