SEOUL, KOREA - Year-on-year monthly consumer prices have remained below the 2 percent level for seven consecutive months since November last year. The Korea Statistical Office said on June 3 that the May consumer prices have risen 1.0 percent from the same month last year.
A Ministry of Strategy and Finance official said the month saw less price pressure thanks to favorable climate conditions and lower international oil prices. As for farm goods prices that had shown volatility early in the year, the prices fell 1.8 percent in May. Unlike in May 2012 when agricultural prices rose 17.6 percent due to a severe drought, the month of May this year saw few weather anomalies.
The vegetable prices have also declined 9.0 percent from the same period last year, with prices for fruits (-1.3%) and grains (-0.3%) stabilizing downward. The prices for oil products fell 7.4 percent for the month from a year ago.
The ministry predicted the stable price level would hold for some time to come, given the favorable weather forecast for June and constant international primary commodity prices.
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