Consumer price inflation has stayed in the upper 2% range for two consecutive months.

While prices for agricultural, livestock, and fishery products declined, processed foods and petroleum products continued to rise.

According to the October Consumer Price Trends released by the National Statistics Office, the consumer price index last month stood at 120.73 (2020=100), up 2.8% from the same month last year.

Consumer price inflation reached the 3% range in May and June as petroleum prices surged in the wake of the Middle East conflict.

After easing to 2.8% in July, inflation rebounded to 3.1% in August, but remained in the upper 2% range in September (2.9%) and again last month.

By category, prices of agricultural, livestock, and fishery products fell 1.7%, pulling down overall inflation by 0.14 percentage points.

This marks a decline for the third straight month.

Agricultural product prices dropped 7.5%, with a notable decrease in vegetables (-11.2%).

Livestock and fishery products rose 4.8% and 5.4%, respectively.

The inflation rate for fishery products marked the highest level since January of this year (5.9%).

Petroleum products spiked 14.9%, pushing up overall inflation by 0.56 percentage points.

This is the highest level since July of last year (15.5%).

Processed foods also rose 2.9%, expanding their growth compared to the previous month (2.1%).

This is the highest in 11 months since November of last year (3.3%).

Dining-out prices increased 2.9%, recording the highest inflation rate since February of this year (2.9%).

Their contribution to overall inflation was 0.42 percentage points.

The living consumer price index, which measures everyday living costs based on frequently purchased items, rose 2.6%.

The fresh food index, an indicator of dining table prices, dropped 6.2% compared to the same month last year.

The OECD-standard core inflation index, which excludes food and energy, rose 2.8%.
 
(Photo: Yonhap News)