South Korea: Consumer prices rise 1% for the first time in 3 and a half years, vegetable prices soar

Published 2024년 10월 2일

Tridge summary

In September, Korea experienced a 1.6% rise in consumer prices from the previous year, the lowest increase in over three years, primarily due to a significant drop in petroleum product prices. However, abnormal weather has caused a surge in vegetable prices, particularly affecting cabbage, radish, and lettuce, which are crucial for the kimchi season. To address this, the government plans to release 6,000 tons of autumn cabbage early and support logistics for increased imports from China. While fresh fruit prices have stabilized, the government anticipates overall price stabilization after mid-October as weather conditions improve for vegetable growth.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Consumer prices rise by 1% for the first time in 3 years and 6 months… Vegetable prices soar [Anchor] The consumer price increase rate in September entered the 1% range for the first time in 3 years and 6 months, showing an overall stability. However, due to abnormal weather, prices of vegetables such as cabbage and radish have risen significantly ahead of the kimchi season. Reporter Han Ji-i reports. [Reporter] The consumer prices announced by Statistics Korea last month rose by 1.6% compared to a year ago. This is the first time in 3 years and 6 months that prices have fallen to the 1% range since March 2021. "The reason it entered the 1% range is because petroleum products have fallen significantly. Since agricultural and livestock products, especially vegetables, are affected by weather, they are affected for a short period of time, so we will have to see how the weather affects them…." However, due to ...

Source: Yonhapnewstv