S. Korea's Consumer Prices Rise1.12

10/1/2014 6:35:18 AM

(MENAFN- Qatar News Agency) Seoul October 01 (QNA) - South Korea's consumer prices grew at the slowest pace in seven months in September due to falling prices of factory goods and the stabilization of farming goods costs a government report showed Wednesday.

The country's consumer price index rose 1.1% last month from a year earlier decelerating from August's 1.4% gain according to South Korea's News Agency (Yonhap).

This marks the slowest growth pace since February when consumer prices rose 1%.

The price increase has remained below 2% since January last year.

The core inflation which excludes volatile oil and food prices rose 1.9% on-year the slowest increase since February when it went up 1.7% the report showed.

"Falling oil prices drove down the prices of factory products and stabilizing farming goods prices also helped keep the overall prices last month in check" said Kim Bo-kyung head of the agency's prices statistics division.

The prices of agricultural livestock and fisheries products dropped 3% in September from a year earlier.

Those of fresh foods in particular fell 8.6% with the prices of cabbage spinach and onions plunging 33.8% 36.3% and 33.7% respectively.

Oil prices fell 5.7% on-year in September which helped stabilize the prices of manufactured products which inched up 0.9% over the same period the report showed.

The "livelihood price" index which measures the costs of key daily necessities rose 0.6% the slowest growth in seven months the report showed.

Rent and utility service prices such as electricity tap water and gas rose 2.2% and 3.3% respectively in September from a year earlier according to the report. (QNA)

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