SEOUL, Oct. 2 (Xinhua) -- South Korea's consumer price inflation cooled down last month, driven by increased fruit supplies and government discount subsidies for the Chuseok holiday, statistical ministry data showed Friday.
The consumer price index (CPI) rose 2.9 percent in September from a year earlier, decelerating from 3.1 percent in the previous month, according to the Ministry of Data and Statistics.
Following the Middle East conflicts, headline inflation fluctuated with 2.2 percent in March, 2.6 percent in April, 3.1 percent in May, 3.2 percent in June, 2.8 percent in July and 3.1 percent in August.
Inflation stayed above the central bank's mid-term inflation target of 2 percent for 13 consecutive months since September 2025.
Amid rising worry about inflationary pressure, the Bank of Korea (BOK) delivered back-to-back rate hikes in July and August, raising its benchmark interest rate to 3.00 percent.
Prices for agricultural, livestock and fishery products fell 0.3 percent year-on-year in September, fueled by expanded fruit shipments and government discount subsidies for the Chuseok holiday, the South Korean version of Thanksgiving Day.
Agricultural product prices dropped 4.0 percent, pulling down overall inflation by 0.17 percentage points, while those for livestock and fishery products advanced 3.7 percent and 4.5 percent each.
Prices for apple, napa cabbage, peach, grape, spinach and tomato saw a decline, but those for beef, imported beef, pork, mackerel, hairtail and rice gained in single digits.
Processed food prices mounted 2.1 percent in September from a year earlier, faster than a growth of 1.5 percent in the previous month on the back of hikes in factory-gate prices.
Petroleum product prices jumped 14.8 percent last month amid the continued Middle East conflicts.
Computer prices soared 27.4 percent on higher semiconductor costs, and mobile phone prices increased 8.3 percent due to the launch of new smartphones.
Prices for industrial products, including oil products and processed food, advanced 4.2 percent in September from a year earlier after going up 3.7 percent in the prior month.
Service prices swelled 2.7 percent as a result of a surge in international airfares and overseas group travel expenses, which spiked 22.5 percent and 19.3 percent each.
Public service prices, including international airfares, climbed 1.5 percent, while private service prices such as travel expenses picked up 4.3 percent.
Housing rent, including Jeonse and monthly rent, went up 1.3 percent in September compared to the same month of last year.
Jeonse is South Korea's unique contract between two households where a landlord grants the two-year residential right to a tenant, who in turn lends a certain amount of money, or a deposit, to the landlord.
Prices for electricity, natural gas and tap water were up 0.4 percent in September on a yearly basis.
The livelihood items index, which gauges prices for daily necessities, gained 2.5 percent, while the fresh food index, which measures prices for fish, shellfish, fruit and vegetables, dipped 3.3 percent last month.
The core consumer price index, which excludes volatile agricultural and oil products, added 2.7 percent last month, while the OECD-method core price, excluding volatile food and energy costs, was up 2.8 percent. ■
