Korea's inflation slows to 2.7% in May

An employee at a discount mart in Seoul arranges fruits on a shelf on March 6. [NEWS1]

 
Korea’s inflation edged down in May, remaining in the 2 percent range for the second consecutive month.
 
The consumer price index, a barometer of inflation, rose 2.7 percent from a year prior in May, logging an on-year decline for two months in a row, according to the latest data from Statistics Korea.
 
Inflation fell below the 3 percent mark for the first time in six months in January, yet accelerated to 3.1 percent in February and March, before once again falling to 2.9 percent in April.
 
Agricultural products drove the inflation last month, soaring 19 percent on year. Fruit prices, in particular, continued to see a steep increase with pear rising 126.3 percent, a record hike, and apple 80.4 percent.
 
Petroleum products rose 3.1 percent, up from 1.3 percent in April.
 
On a monthly basis, consumer prices rose 0.1 percent due to the price increases in services and industrial products.
 
Core inflation, which excludes volatile food and energy prices, grew 2 percent in May, slowing from a 2.2 percent gain in April.  
 

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]