Energy Economics Newspaper

[에너지경제신문 서예온 기자] Last month, the rate of increase in consumer prices fell back to 0% in one month. The increase in livestock and fish products and income also contributed greatly to the impact of the dramatic drop in telecom cost inflation on the government’s support policy of 20,000 won for telecommunications costs. Origin prices based on the Organization for Economic Cooperation and Development (OECD) also fell to their lowest level since 1999.

According to the National Statistical Office on October 3, the consumer price index for October was 105.61 (2015 = 100), a mere 0.1% increase over the same month last year. This is the smallest increase since June (0.0%). The rate of increase in consumer prices remained in the 0% range in June-August this year and rose to 1.0% in September, but fell again last month.

By category, products rose 1.3% year-on-year.

In particular, agricultural and fishery products increased by 13.3% due to a poor harvest due to torrential rains. While vegetables increased by 20.2%, agricultural products increased by 18.7%. Onions (70.7%), chives (53.5%), tomatoes (49.9%), apples (49.4%) and red pepper powder (21.4%) increased the increase .

On the other hand, lettuce (-28.6%), horseradish (-22.5%) and cucumber (-13.0%) fell. Livestock products rose 7.5% and prices of seafood products rose 5.6%.

However, as international oil prices fell, industrial products fell 1.0%. Petroleum products fell 14.0% and processed foods increased slightly 1.4%.

Electricity, water and gas also fell 4.0% from the previous year.

Services fell 0.8%, the largest decrease since October 1999 (-0.9%). This is because public services fell 6.6% due to government support for communication expenses and strengthened support for secondary school payments. Mobile phone rates fell 21.7%, the biggest drop since January 1996, when related statistics began.

High school payments fell 74.4%. Personal service grew 1.4%. Eating out increased 1.0% and eating out increased 1.7%, respectively.

On the other hand, rent increased 0.5% compared to the previous year, the largest increase since August 2018 (0.5%). Jeonse (0.6%) increased the most since February (0.6%) last year. It has been on the rise for the sixth month since last May. The monthly rent went up 0.3%.