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(LEAD) S. Korea's consumer prices rise 1 pct on-year in March

All News 08:28 April 02, 2020

(ATTN: UPDATES with more details, additional information)

SEOUL, April 2 (Yonhap) -- South Korea's consumer prices gained 1 percent from a year earlier in March, the statistics agency said Thursday, despite the spread of the new coronavirus that has hurt consumer spending.

March marks the third consecutive month the country's inflation has increased more than 1 percent on-year, according to Statistics Korea.

The steady increase comes amid a continued spread of COVID-19 that has infected more than 9,800 people in South Korea as of Wednesday.

The statistics office said the virus outbreak had both downward and upward pressure on prices.

"Locally, a change in consumption and economic stimulus measures had an impact on prices, while internationally, a drop in oil prices due to slow demand had a impact on prices here," it said.

In March, prices of livestock products jumped 6.7 percent from a year earlier, with the price of processed foodstuff rising 1.7 percent.

Automobile prices, on the other hand, slipped 2.6 percent on a government tax break aimed at promoting consumption.

(LEAD) S. Korea's consumer prices rise 1 pct on-year in March - 1


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