Korea’s consumer prices rise 3.4% in Aug. as oil climbs

Economy

Published: 05 Sep. 2023, 08:45 Updated: 05 Sep. 2023, 14:52

Korea’s consumer prices rise 3.4% in Aug. as oil climbs

Fruits and vegetables are displayed at a wholesale market in Daejeon on Aug. 23. [JOONGANG PHOTO]

Korea’s consumer prices bounced above 3 percent in August after two months of staying below the range.

A rise in international oil prices and impacts of the climate, including heavy rainfall and heat waves, are attributed as the reasons for the 3.4 percent inflation growth last month from a year earlier.

Consumer prices reached 2.7 percent in June and 2.3 percent in July, the lowest in 25 months, after peaking at 6.3 percent in July last year.

BY JIN MIN-JI [jin.minji@joongang.co.kr]