Seoul, September 02 (QNA) - South Korea's consumer prices moved up 3.1% in August from a year earlier as oil prices remained elevated, along with higher mobile service subscription charges due to a low base effect from large-scale discounts offered last year following a hacking incident.
Yonhap News Agency, citing data from the Ministry of Statistics, reported that the latest figures came as oil prices remained elevated by moving up 14.2% on-year in August, although the growth slowed from 15.5% posted in July. In August, diesel prices rose sharply by 19.6% and gasoline prices advanced 11.5%.
Mobile phone service charges shot up 26.7% from a year earlier, reflecting a low base from a year earlier, when SK Telecom Co. offered large-scale discounts following a data breach.
Data showed that Core inflation, which excludes volatile food and energy prices, also advanced 3.4% on-year in August. It was the highest level since 3.8% posted in May 2023. South Korea relies heavily on imports to meet its energy needs. (QNA)