Consumer inflation has hovered around the 3 percent mark for six consecutive months as prices for processed foods and dining out widened their gains.

According to the October Consumer Price Trends released by Statistics Korea on the 3rd, the consumer price index last month stood at 120.73 (2020=100), up 2.8 percent from the same month last year.

The inflation rate hovered in the 3 percent range in May and June as petroleum prices surged in the wake of the Middle East conflict.

After slowing to 2.8 percent in July, it rebounded to 3.1 percent in August.

Following September (2.9%), it maintained the upper 2 percent range last month as well.

By category, processed food prices rose 2.9 percent, expanding their growth compared to the previous month (2.1%).

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

Factors include recent factory price hikes and the normalization of promotional prices that had been applied during the Chuseok holiday period in September.

Dining-out costs also climbed 2.9 percent, recording the highest inflation rate since February of this year (2.9%).

Their contribution to the overall inflation rate stood at 0.42 percentage points (p).

Statistics Korea explained that this was driven by higher prices for sliced raw fish (5.9%) and other items due to a decrease in fish shipments caused by high summer temperatures.

Petroleum products jumped 14.9 percent, pushing up the overall inflation rate by 0.56 percentage points.

The inflation rate for petroleum products recorded the 20 percent range from April to June and has maintained around 15 percent for four consecutive months starting July.

Diesel (19.7%) and gasoline (11.6%) also showed similar levels of increase for the fourth straight month.

This is interpreted as the impact of the ceiling price system on petroleum.

However, cooking LPG (15.2%) and automotive LPG (14.5%), which are not subject to the ceiling price system, saw their growth rates expand by 3.4 percentage points and 4.7 percentage points, respectively, from the previous month as international price increases were reflected.

Prices of agricultural, livestock, and marine products fell 1.7 percent, dragging down overall inflation by 0.14 percentage points.

This marks the third consecutive month of decline.

Agricultural product prices dropped 7.5 percent, with a prominent 11.2 percent fall in vegetable prices.

Ahead of the kimchi-making season, prices of major vegetables such as napa cabbage (-11.8%) and young summer radish (-30.6%) also decreased.

Radish prices (12.5%) rose due to a decrease in shipments.

Lee Doo-won, director general for economic trend statistics at Statistics Korea, said, "While ingredients for kimchi filling are showing a somewhat downward trend, processed foods are on an upward trajectory, so we need to keep an eye on [kimchi-making inflation]."

Livestock and marine products rose 4.8 percent and 5.4 percent, respectively.

The inflation rate for marine products reached its highest peak since January of this year (5.9%).

The living index, which reflects perceived inflation by focusing on frequently purchased items, rose 2.6 percent.

The fresh food index, representing dining table prices, fell 6.2 percent compared to the same month last year.

The OECD-standard core inflation indicator, which excludes food and energy, increased by 2.8 percent.

(Photo: Yonhap News)