ID :
63584
Mon, 06/01/2009 - 14:41
Auther :
Shortlink :
https://www.oananews.org//node/63584
The shortlink copeid
S. Korea`s consumer prices rise 2.7 pct in May
(ATTN: UPDATES with more details, comments from para 2)
By Lee Joon-seung
SEOUL, June 1 (Yonhap) -- South Korea's consumer prices grew at the slowest pace
in 20 months in May as the cost of oil-related products declined, a government
report showed Monday.
According to the report by the National Statistical Office (NSO), the consumer
price index rose 2.7 percent last month from a year earlier, slowing from a 3.6
percent on-year advance the previous month. It was the slowest annual growth
since September 2007 when prices rose 2.3 percent and the third consecutive month
that consumer prices have fallen compared to the year before.
Core inflation, excluding volatile oil and food prices, gained 3.9 percent last
month, compared with the previous month's 4.2 percent rise, the report showed.
"Price of oil-related products like gasoline and diesel fuel have all fallen
sharply, due to a drop in international crude oil prices that is impacting
overall consumer prices," Song Seong-heon, head of the NSO's price statistics
division said.
The average cost of benchmark Dubai crude stood at US$48.14 per barrel this year
from $94.29 per barrel in 2008.
Gasoline and diesel prices fell 12.9 percent and 22.9 percent, respectively,
while those for kerosene and liquefied petroleum gas were down 30.9 percent and
14.5 percent on-year.
He added that while it is impossible to make predictions about the future, prices
have stabilized or have gradually fallen since peaking at 5.9 percent in July,
2008.
The latest tally showed consumer prices remaining unchanged from the month before
despite slight gains in grocery, non-alcoholic beverages, transportation and
recreational prices.
Prices of manufactured goods and services also moved up 1.4 percent and 2.3
percent each on-year in the cited month.
Experts said that price stabilization can be interpreted as a reflection of
rising optimism that the South Korean economy, Asia's fourth-largest, is set to
rebound from what could be the worst downturn in more than a decade.
yonngong@yna.co.kr
(END)
By Lee Joon-seung
SEOUL, June 1 (Yonhap) -- South Korea's consumer prices grew at the slowest pace
in 20 months in May as the cost of oil-related products declined, a government
report showed Monday.
According to the report by the National Statistical Office (NSO), the consumer
price index rose 2.7 percent last month from a year earlier, slowing from a 3.6
percent on-year advance the previous month. It was the slowest annual growth
since September 2007 when prices rose 2.3 percent and the third consecutive month
that consumer prices have fallen compared to the year before.
Core inflation, excluding volatile oil and food prices, gained 3.9 percent last
month, compared with the previous month's 4.2 percent rise, the report showed.
"Price of oil-related products like gasoline and diesel fuel have all fallen
sharply, due to a drop in international crude oil prices that is impacting
overall consumer prices," Song Seong-heon, head of the NSO's price statistics
division said.
The average cost of benchmark Dubai crude stood at US$48.14 per barrel this year
from $94.29 per barrel in 2008.
Gasoline and diesel prices fell 12.9 percent and 22.9 percent, respectively,
while those for kerosene and liquefied petroleum gas were down 30.9 percent and
14.5 percent on-year.
He added that while it is impossible to make predictions about the future, prices
have stabilized or have gradually fallen since peaking at 5.9 percent in July,
2008.
The latest tally showed consumer prices remaining unchanged from the month before
despite slight gains in grocery, non-alcoholic beverages, transportation and
recreational prices.
Prices of manufactured goods and services also moved up 1.4 percent and 2.3
percent each on-year in the cited month.
Experts said that price stabilization can be interpreted as a reflection of
rising optimism that the South Korean economy, Asia's fourth-largest, is set to
rebound from what could be the worst downturn in more than a decade.
yonngong@yna.co.kr
(END)
