SEOUL, KOREA - The July consumer prices have slowed down from the previous months, largely because of the stabilizing agricultural goods prices. According to data released by the National Statistical Office on August 1, consumer prices rose 1.6 percent during the month of July from the same month last year. This is lower by 0.1 percentage point than 1.7 percent recorded in the months of May and June.

 

The year-on-year consumer price growth rate has climbed up slowly from 1.0 percent in February this year to 1.3 percent in March, and 1.5 percent in April. It then faltered beginning in May. This is a level much below 2.5-3.5 percent, the target consumer inflation rate sought by the Bank of Korea.

 

An official at the National Statistical Office said, "It is the general rule that produce and other farm goods prices go up in July. But this year the rise was not as much as before, which contributed to a lower consumer price increase for the month."