Average consumer prices gained 4.7 percent the biggest yearly jump in a decade.
During the six years since 2002 the average rate of increase in consumer prices was 2.9 percent.
That's according to the Korea National Statistical Office which released the last item on the economic calendar in Asia on Wednesday.
As for the month of December consumer prices rose 4.1 percent from the same month a year ago higher than the Bank of Korea's initial target range.
The central bank aimed for a price jump of 2.5 to 3.5 percent within the same time frame.
Looking at the price hike by category.
The cost of living index rose at the rate of more than 5 percent also the biggest jump in a decade.
On the contrary the index on the prices of agricultural, livestock and marine goods fell year-on-year by almost 6 percent the largest drop since 1991.
The plunge showed what a difficult year 2008 was for those in the industry such as farmers and fishermen.
That being said the rise in crude oil prices was the biggest driving force behind the hike in consumer prices.
The average price of petroleum products rose 19 percent from 2007. which caused ripple effects throughout the Korean economy.
Lee Jeewon, Arirang News.
DEC 31, 2008
|
|
 |
in Business News |
|
|
Friday, SEP 03, 2010, (KST) 
