Korean consumer prices jump 3.1% in March as fruit, produce costs stay high

Economy

Published: 02 Apr. 2024, 09:14 Updated: 02 Apr. 2024, 14:25

Korean consumer prices jump 3.1% in March as fruit, produce costs stay high

People shop at a major discount chain store in Seoul on March 29, 2024. [YONHAP]

Korea’s inflation grew more than 3 percent for the second straight month in March, largely driven by an increase in the price of agricultural products.

Consumer prices, a key gauge of inflation, rose 3.1 percent on-year last month, according to Statistics Korea data.

Agricultural, livestock and fishery products jumped 11.7 percent last month from a year earlier, compared to 11.4 percent on-year increase the previous month.

In January, inflation fell below 3 percent for the first time since July 2023, but high prices of fruits, farm produce and energy have caused inflationary pressure to flare up again.

The government has said that consumer prices are forecast to ease at a slower pace than previously expected before reaching the target rate of 2 percent by around the end of 2024.

The finance ministry expected this year's prices to rise 2.6 percent.

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