Consumer prices rose 2.8% from a year earlier, slowing from 3.1% in May and 3.2% in June, with oil products up 15.5%
South Korea Inflation Slows to 2.8% in July as Oil Price Hike Eases
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Summary
Oil prices accounted for 0.6 percentage point of consumer price growth in July, compared with 0.93 percentage point in June. Diesel and gasoline prices, in particular, remained elevated in July, rising 21.5 percent and 12.6 percent, respectively. Service prices rose 2.6 percent from a year earlier, driven by higher insurance costs.
Furthermore, The increase slowed from a 3.1 percent and 3.2 percent on-year rise posted in May and June, respectively. Core inflation, which excludes volatile food and energy prices, also advanced 2.6 percent compared with July last year, the latest findings showed. The report showed prices of overall industrial products rose 3.7 percent from a year earlier in July.
In addition, Agricultural product prices alone fell 2.2 percent from a year earlier. "Despite the slowdown, the burden on people's livelihoods remains high as consumer prices continue to stay elevated due to the cumulative impact of previous price increases," the first vice finance minister said.
Cross-referenced from 2 sources.
Factual coreconfirmed by several independent voices
Oil prices accounted for 0.6 percentage point of consumer price growth in July, compared with 0.93 percentage point in June.
reliability moderate2/2 sourcesDiesel and gasoline prices, in particular, remained elevated in July, rising 21.5 percent and 12.6 percent, respectively.
reliability moderate2/2 sourcesService prices rose 2.6 percent from a year earlier, driven by higher insurance costs.
reliability moderate2/2 sourcesConsumer price growth apparently slowed in July from a month earlier as oil prices showed signs of stabilization, although they remained significantly high compared with 2025.
reliability moderate2/2 sourcesThe increase slowed from a 3.1 percent and 3.2 percent on-year rise posted in May and June, respectively.
reliability moderate2/2 sourcesCore inflation, which excludes volatile food and energy prices, also advanced 2.6 percent compared with July last year, the latest findings showed.
reliability moderate2/2 sourcesThe report showed prices of overall industrial products rose 3.7 percent from a year earlier in July.
reliability moderate2/2 sources
Reported detailssecondary facts, each attributed to its source
Agricultural product prices alone fell 2.2 percent from a year earlier.
according to Yonhap News"Despite the slowdown, the burden on people's livelihoods remains high as consumer prices continue to stay elevated due to the cumulative impact of previous price increases," the first vice finance minister said.
according to Yonhap News
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