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S.Korea's headline inflation falls to 16-month low in August

Xinhua, September 1, 2016 Adjust font size:

Headline inflation in South Korea fell to the lowest in 16 months due to lower crude prices and a cut in electric charges, a government report showed on Thursday.

Consumer prices rose 0.4 percent in August from a year earlier, according to Statistics Korea. It was the slowest increase in 16 months since April 2015, staying below 1 percent for four months in a row.

Oil product prices tumbled 8.8 percent on cheaper crude oil, dragging down the consumer price inflation by 0.37 percentage points.

Prices for electricity, tap water and gas plunged 12.6 percent as the government made a temporary cut in power rates during the summer season between July and September, pulling down the headline inflation by 0.57 percentage points.

Farm goods prices, however, gained 1 percent over the year in August as a scorching heat reduced vegetable crops. Fishery product prices jumped 6.5 percent, raising the inflation by 0.07 percentage points. Enditem