Last month, the consumer price index recorded an increase of 2.1%. This is a level that has risen by 0.1 percentage points compared to the previous month. The consumer price has seen an increase of 2% for four consecutive months.
According to the 'April Consumer Price Trends' announced by the Statistical Office on the 3rd, the consumer price index last month was 116.38 (2020=100), an increase of 2.1% compared to the same month last year (114.01). The consumer price increase rate (compared to the same month last year) recorded 1% from September to December last year, and has remained in the 2% range for four consecutive months since January this year.
Last month, the price of seafood rose by 6.4% compared to the same month last year, reaching the highest level in 25 months. The price of livestock products also increased by 4.8% year-on-year, the highest since July 2022 (6.1%). However, the prices of agricultural products (-1.5%) and vegetables (-1.8%) fell compared to the same month last year, which suppressed the price increase.
The price of processed foods rose by 4.1% compared to the same month last year. This is the highest in 16 months since December 2023 (4.2%). It also increased by 0.6% compared to last month. The contribution of processed food prices to consumer prices is gradually expanding. The rise in processed food prices raised the overall inflation rate in April by 0.35 percentage points.
Services rose by 2.4% year-on-year. Public services increased by only 1.3% compared to the same month last year, while personal services rose by 3.3%. Insurance premiums increased, causing insurance service fees to rise by 16.3% compared to the same month last year. Both dining out and services excluding dining out rose by 3.2% and 3.4% year-on-year, respectively, surpassing the consumer price increase rate of 2.1%.
However, the prices of petroleum products, which had been rising compared to the same month last year, fell. The price of petroleum products decreased by 1.7% year-on-year. The Statistical Office explained, 'Last April, international oil prices reached $89.2, but dropped to $68.2 this April.' The Ministry of Economy and Finance also noted that considering the stabilization of the trends in international oil prices and consumer prices, it has decided to partially reduce the oil tax cut starting in May.
The living cost index, which reflects the prices of 144 items with high purchase frequency and expenditure proportion, increased by 2.4% compared to the same month last year. The fresh food index, related to 'table prices,' decreased by 1.9% compared to the same month last year.
The core inflation rate, based on the Organization for Economic Cooperation and Development (OECD) standards, which shows the trend of prices excluding food and energy, rose by 2.1% compared to the same month last year. The domestic index, excluding agricultural products and petroleum products, recorded a 2.4% increase compared to the same month last year.
Director General Lee Doo-won of the Statistical Office said, 'Prices for dining out, such as coffee and hamburgers, have risen, and prices for processed foods also increased due to price hikes at the manufacturing level,' and noted, 'However, due to favorable weather conditions, agricultural product prices have shown a decline compared to last year.' He added, 'The impacts of the Gyeongnam forest fire and the tariffs imposed by the U.S. administration on consumer prices have been assessed as nonexistent,' and stated, 'This is something that needs to be monitored further.'