South Korea Consumer Prices Rise 3.1 Percent in August
2 sources · South Korea · 1 of them is linked to a state
Who reported this
- Yonhap
- The Korea Herald
What the colours mean
- Left
- Centre-left
- Centre
- Centre-right
- Right
- A hatched block means the outlet is affiliated with, or controlled by, a state.
Political lean describes where an outlet sits within the politics of its own country. It is never a position on a single global scale.
Political lean is comparable inside one country and not across them, which is why the bar groups by country first. Publicly funded broadcasters are not marked as state-linked.
The owner of each outlet is listed as a matter of record, not as a judgement about the outlet.
Every source for this story reports from South Korea.
South Korea's consumer prices rose 3.1 percent in August from a year earlier, accelerating from a 2.8 percent increase in July. Data from the Ministry of Data and Statistics showed that the rise was driven primarily by elevated oil prices and a surge in mobile service subscription charges. Diesel prices rose 19.6 percent and gasoline prices increased 11.5 percent. Mobile phone service charges shot up 26.7 percent, a result of a low base effect from large scale discounts offered by SK Telecom Co. last year following a data breach affecting more than 20 million subscribers.
Core inflation, which excludes volatile food and energy prices, advanced 3.4 percent in August, the highest level since May 2023. While industrial products rose 3.7 percent and services rose 3.7 percent, prices for agricultural, livestock, and fishery products fell 2.6 percent due to increased supply and government discount events. The Ministry of Data and Statistics estimated that the consumer price hike would have been around 2.5 percent if the mobile bill factor were excluded. Additionally, a government official stated that the current fuel price cap system limited growth by 0.5 percentage point, meaning the figure could have reached 3.6 percent.
The Bank of Korea expects inflation to ease in September as the mobile bill base effect fades, though Deputy Governor Lee Ji-ho warned that underlying upward pressures will likely persist, particularly in core items. Government officials noted that upward risks remain due to climate factors and uncertainties in the Middle East. The government plans to implement measures to stabilize livelihoods ahead of the Chuseok holiday.
How each side framed it
- Centre
- Outlets with a center lean focused on the detailed statistical breakdown of price increases across various sectors and the central bank's outlook.
- Centre-right
- Outlets with a center-right lean emphasized the role of government-led discount events in lowering agricultural prices and the impact of the fuel price cap system.
Sources
- Centre-right The Korea Herald: BOK says inflation to ease in Sept. but underlying pressures to persist
- Centre-right The Korea Herald: Consumer price hike seen at 2.5% without mobile bills: finance ministry
- Centre-right The Korea Herald: Consumer prices up 3.1% in Aug. on fuel, mobile subscription fees
- Centre Yonhap: Consumer prices up 3.1 pct in Aug. amid high oil prices
- Centre Yonhap: (LEAD) Consumer prices up 3.1 pct in Aug. on fuel, mobile subscription fees
- Centre Yonhap: (URGENT) Consumer prices up 3.1 pct in Aug., jump back to 3 pct levels
- Centre Yonhap: BOK says inflation to ease in Sept. but underlying pressures to persist
- Centre Yonhap: Consumer price hike seen at 2.5 pct without mobile bills: finance ministry
- Centre Yonhap: (2nd LD) Consumer prices up 3.1 pct in Aug. on fuel, mobile subscription fees
100% of the statements in this article were traced back to the source articles listed above.