Consumer inflation up 1.7% in May YoY; fastest pace since Oct. 2012Updated: 2014-06-03 17:23:12 (KST)
Korea's consumer inflation grew at its fastest rate in over a year-and-a-half in May.
Statistics Korea says the consumer price index spiked 1.7 percent from a year earlier and officials attribute the rise to a low base effect saying agricultural products saw a steep decline in the same month last year.
The price index, excluding items that are vulnerable to external uncertainties, such as agricultural and petroleum products rose 2.2 percent on-year -- still below the central bank's target inflation rate of 2-and-a-half to 3-and-a-half percent.
Prices of electricity and water jumped more than 4 percent on-year while agricultural and fisheries product prices edged down 2 percent.
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