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| ▲ This photo, taken Nov. 28, 2021, shows a gas station in Seoul. Gasoline prices fell for the second straight week after the government cut fuel taxes by a record 20 percent to tame inflation on Nov. 12. (Yonhap) |
consumer prices-November
Inflation growth hits 10-year high in Nov. amid rising oil prices
By Kim Soo-yeon
SEOUL, Dec. 2 (Yonhap) -- South Korea's consumer prices rose at the fastest pace in nearly 10 years in November due to surging energy costs and high prices of farm products, data showed Thursday.
The consumer prices increased 3.7 percent in November from a year earlier, accelerating from a 3.2 percent on-year gain in October, according to the data compiled by Statistics Korea.
It marked the fastest on-year gain since December 2011, when consumer prices spiked 4.2 percent.
The country's consumer inflation grew more than 2 percent -- the central bank's midterm inflation target -- for the eighth straight month in November. Inflation growth stayed above 3 percent for the second month last month.
The pickup in inflation was mainly attributable to rising oil prices and high prices of agricultural products. Demand-pull inflationary pressure has also built up amid the economic recovery.
Core inflation, which excludes volatile food and oil prices, rose 1.9 percent on-year last month.
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