SEOULintothewildmegaways, July 2 (Xinhua) -- South Korea's consumer price inflation stayed below 3 percent for the third straight month due to a slower price growth in farm goods, statistical office data showed Tuesdayintothewildmegaways.
The consumer price index (CPI) rose 2.4 percent in June from a year earlier after going up 2.9 percent in April and 2.7 percent in May, according to Statistics Korea.
The headline inflation continued to top the Bank of Korea (BOK)'s mid-term inflation target of 2 percent. The BOK had left its benchmark interest rate unchanged at 3.50 percent since January last year.
Price for agricultural, livestock and fishery products advanced 6.5 percent in June on a yearly basis, lower than an increase of 8.7 percent in the previous month.
Agricultural products price soared 13.3 percent last month, lifting the overall inflation by 0.49 percentage points.
Apple price surged 63.1 percent, with pear price more than doubling in the cited month. Price for tomato and sweet potato gained in double figures.
Livestock products price slipped 0.8 percent, but fishery products price added 0.5 percent.
Oil products price jumped 4.3 percent in June from a year earlier after mounting 3.1 percent in the previous month. It marked the fastest gain in 18 months since December 2022.
Price for industrial products, including oil products, swelled 2.1 percent last month, raising the headline inflation by 0.70 percentage points.
The processed food price climbed 1.2 percent in June after picking up 2.0 percent in the prior month.
Price for electricity, natural gas and tap water was up 0.9 percent, pulling up the overall inflation by 0.04 percentage points.
Waterworks fee and heating costs increased 3.4 percent and 7.3 percent each, with city gas charges edging up 0.5 percent.
Private service price, including eating-out cost, spiked 2.7 percent last month, while public service price gained 2.2 percent.
The eating-out expense expanded 3.0 percent, drawing up the inflation by 0.42 percentage points.
Housing rent, including Jeonse and monthly rent, edged up 0.3 percent in June from a year earlier.
Jeonse is South Korea's unique contract between two households where a landlord grants the two-year residential right to a tenant, who in turn lends a certain amount of money, or deposit, to the landlord.
The livelihood items index, which gauges price for daily necessities, was up 2.8 percent in June after expanding 3.1 percent in the previous month.
The fresh food index, which measures the price for fish, shellfish, fruit and vegetable, surged 11.7 percent last month, keeping a double-digit growth for the ninth successive month.
Demand-side inflationary pressure remained relatively low. The core consumer price index, which excludes volatile agricultural and oil products, climbed 2.0 percent last month.
The OECD-method core price, excluding volatile energy and food costs, increased 2.2 percent.■
