SEOUL, July 02 (AJP) - South Korea’s consumer inflation edged higher in June, returning to the 2 percent range after a brief dip, as rising food and seafood prices fueled by warming ocean temperatures drove costs upward, government data showed Wednesday.
The Consumer Price Index rose 2.2 percent year-on-year, up from 1.9 percent in May, according to Statistics Korea. The index reached 116.31, based on 2020 prices set at 100 — the fastest rate of inflation since January.
Processed food prices led the acceleration, jumping 4.6 percent from a year earlier, the highest since November 2023. The category alone contributed 0.39 percentage points to headline inflation.
Among the standouts: bread rose 6.4 percent, coffee surged 12.4 percent, and ham and bacon were up 8.1 percent. Instant noodles — the subject of political scrutiny after recent presidential comments — climbed 6.9 percent, the steepest rise since September last year.
Seafood prices also spiked, rising 7.4 percent year-on-year, the sharpest increase since March 2023. Mackerel soared 16.1 percent, croaker rose 10.6 percent, and squid gained 6.3 percent — trends attributed in part to changing ocean conditions driven by climate change.
The Ministry of Economy and Finance reiterated its commitment to managing price pressures, pointing to heightened weather-related risks and volatile international energy markets.
Officials said they would continue discount programs for agricultural and fishery goods and maintain tariff quotas on key food imports.
As part of a broader 46 billion won price stabilization package announced last month, the government has expanded summer cabbage reserves from 23,000 tons to 36,000 tons and will introduce new quota tariffs covering 10,000 tons of mackerel between July and December.
reporter
Candice Kim
candicekim1121@ajupress.com
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