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Inflation growth hits over 2 pct for 4th straight month in July

All News 08:07 August 03, 2021

By Kim Soo-yeon

SEOUL, Aug. 3 (Yonhap) -- South Korea's consumer prices grew more than 2 percent for the fourth straight month in July on higher prices of farm and oil products, data showed Tuesday, indicating a build-up in inflationary pressure amid an economic recovery.

The consumer prices rose 2.6 percent on-year in July, accelerating from a 2.4 percent on-year gain the previous month, according to the data compiled by Statistics Korea.

The pickup in inflation was due largely to last year's low base, and the tight supply of farm and livestock products, according to the statistics agency.

Compared with a month earlier, inflation rose 0.2 percent last month, switching from a 0.1 percent on-month decline in June.

Core inflation, which excludes volatile food and oil prices, rose 1.2 percent on-year in July.

The country's price pressure has been growing as the economic recovery accelerates.

The government said the growth of consumer prices is expected to temporarily surpass the central bank's inflation target of 2 percent, but annual inflation will remain below it.

This file photo, taken July 27, 2021, shows a citizen shopping for a carton of eggs at a discount store in Seoul. (Yonhap)

sooyeon@yna.co.kr
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