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Economic Report

Economic reports, briefs issued by Samsung Economic Research Institute

Consumer Prices Grow 1% in May

Consumer Prices Grow 1% in May

June 10, 2013

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Consumer prices in May slowed to levels witnessed right after the 1997 currency crisis. A report by Statistics Korea showed that the country's consumer prices rose 1% from the same month last year, recording the lowest year-on-year growth since September 1999 (0.8%). Consumer inflation has stayed in the 1%-range for seven consecutive months since November last year when the reading marked 1.6%. Compared to the previous month, prices remained unchanged. "The fall in consumer prices can be attributed to sluggish demand originating from the prolonged economic downturn, but it is more closely related to the decrease in agricultural and oil prices," an official from Statistics Korea explained.

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