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South Korea's consumer price growth stayed in the 1-percent range for the 10th straight month in August, a government report showed Monday.
The country's consumer price index rose 1.3 percent on-year in August, decelerating from a 1.4 percent gain tallied in the previous month, according to the report by Statistics Korea.
The August figure represented the 10th straight month since November that the price growth has stayed in the 1-percent range.
The core inflation, which excludes volatile oil and food prices, increased 1.3 percent on-year last month, also slowing from a 1.5 percent rise in July, the report showed.
The on-year growth of consumer prices remained below the Bank of Korea's inflation target band of 2.5-3.5 percent for 2013-2015.
The so-called "livelihood price" index, which measures the costs of key daily necessities, rose 0.8 percent, but it slowed from the previous month's 0.9 percent on-year increase. It has also stayed below 1 percent for nine straight months, the report showed.
Prices of fresh food, including fruits and vegetables, however, increased 2.6 percent on-year last month, quickening from a 0.4 percent gain in July. This marked the second straight month of a price hike in those areas.
The slowing consumer price growth comes as South Korea's economy is showing signs of losing steam as its exports and domestic demand growth remain weak.
The country's gross domestic product grew 1.1 percent in the second quarter from three months earlier, quickening from a 0.8 percent on-quarter advance in the first quarter. This is the first time in nine quarters that the growth rate managed to exceed 1 percent.
In its second-half economy management plan unveiled last week, the government predicted that the country's consumer prices will grow 1.7 percent for this year and the growth rate will rise to 2.8 percent next year. (Yonhap News)
The country's consumer price index rose 1.3 percent on-year in August, decelerating from a 1.4 percent gain tallied in the previous month, according to the report by Statistics Korea.
The August figure represented the 10th straight month since November that the price growth has stayed in the 1-percent range.
The core inflation, which excludes volatile oil and food prices, increased 1.3 percent on-year last month, also slowing from a 1.5 percent rise in July, the report showed.
The on-year growth of consumer prices remained below the Bank of Korea's inflation target band of 2.5-3.5 percent for 2013-2015.
The so-called "livelihood price" index, which measures the costs of key daily necessities, rose 0.8 percent, but it slowed from the previous month's 0.9 percent on-year increase. It has also stayed below 1 percent for nine straight months, the report showed.
Prices of fresh food, including fruits and vegetables, however, increased 2.6 percent on-year last month, quickening from a 0.4 percent gain in July. This marked the second straight month of a price hike in those areas.
The slowing consumer price growth comes as South Korea's economy is showing signs of losing steam as its exports and domestic demand growth remain weak.
The country's gross domestic product grew 1.1 percent in the second quarter from three months earlier, quickening from a 0.8 percent on-quarter advance in the first quarter. This is the first time in nine quarters that the growth rate managed to exceed 1 percent.
In its second-half economy management plan unveiled last week, the government predicted that the country's consumer prices will grow 1.7 percent for this year and the growth rate will rise to 2.8 percent next year. (Yonhap News)
