S. Korea`s consumer prices rise 1.6 pct in July: gov`t report

By Lee Joon-seung
SEOUL, Aug. 3 (Yonhap) -- South Korea's consumer prices grew at the slowest pace
in over nine years in July due to a sharp plunge in fuel products, a government
report showed Monday.
According to the report by the National Statistical Office (NSO), the consumer
price index rose 1.6 percent last month from a year earlier, slowing from a 2.0
percent on-year advance the previous month. It was the slowest annual growth
since May 2000 when prices rose just 1.1 percent.
"Last month's numbers were affected by the 20.9 percent negative growth in fuel
products prices," Song Seong-heon, head of the NSO's price statistics division
said.
Core inflation, excluding volatile oil and food prices, moved up 3.2 percent last
month, also slowing from the previous month's 3.5 percent rise, the report
showed.
The NSO report said that the drop in growth tallied for July also marks the fifth
month in a row that consumer price growth ran at a slower month-on-month pace.
Consumer prices grew 4.1 percent on-year in February, but numbers were down to
3.6 percent in April and 2.7 percent in May.
yonngong@yna.co.kr
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