Latest news with #StatisticsKorea
The Star
2 days ago
- Business
- The Star
Consumer prices up 1.9% in May on lower oil cost
Currency effects: A port terminal in Busan, South Korea. Officials say the depreciation of the won has pushed up the cost of imported goods. — Reuters SEOUL: South Korea's consumer prices grew at the 1% level for the first time in five months in May on falling oil prices, although a weaker local currency continues to raise the cost of imported goods, government data show. Consumer prices, a key gauge of inflation, gained 1.9% from a year earlier last month, according to the data from Statistics Korea released yesterday. Consumer inflation had remained above the Bank of Korea's 2% target for four consecutive months through April before slightly easing in May. The statistics agency attributed the latest price increase to the depreciation of the local currency, which pushed up the costs of imported goods, notably processed food. Rising service prices also added upward pressure on overall inflation. By sector, service prices increased 2.3% year-on-year (y-o-y), led by a 3.2% rise in dining-out expenses. Processed food prices jumped 4.1% as major food producers passed on the higher costs of imported raw materials to consumers. Agricultural, livestock and fishery product prices rose just 0.1% in May. The limited rise was largely due to a drop in vegetable prices, the agency said. 'The drop in agricultural prices was mainly due to increased vegetable shipments stemming from favourable weather conditions, as well as the high base effect from last year's elevated fruit prices,' said Lee Doo-won, an official from Statistics Korea. However, livestock prices jumped 6.2% in May, marking the sharpest y-o-y gain in 35 months since June 2022 when it recorded 9.5% y-o-y growth. 'Rising import prices for pork and a decline in cattle slaughter have pushed up beef prices. This, in turn, led to higher chicken prices as consumers turned to alternatives,' Lee said. 'Egg prices also continued their upward trend in May after having rebounded in April.' Petroleum product prices fell 2.3%, contributing to a 0.09 percentage point drop in the overall inflation rate. The South Korean won has come under sustained pressure amid heightened political uncertainty following President Yoon Suk Yeol's brief imposition of martial law on Dec 3. The situation was further exacerbated by US President Donald Trump's renewed tariff actions, raising concerns over potential impacts on South Korea's export-driven economy. Core inflation, which excludes volatile food and energy prices, rose 2% in May, slightly down from a 2.1% y-o-y increase in the previous month. — The Korea Herald/ANN
Korea Herald
3 days ago
- Business
- Korea Herald
Consumer prices rise 1.9% in May; fall below 2 pct for 1st time in 5 months
South Korea's consumer prices grew at the 1 percent level for the first time in five months in May on falling oil prices, although a weaker local currency continued to raise the cost of imported goods, government data showed Wednesday. Consumer prices, a key gauge of inflation, gained 1.9 percent from a year earlier last month, according to the data from Statistics Korea. Consumer inflation had remained above the Bank of Korea's 2 percent target for four consecutive months through April before slightly easing in May. The statistics agency attributed the latest price increase to the depreciation of the local currency, which pushed up the costs of imported goods, notably processed food. Rising service prices also added upward pressure on overall inflation. By sector, service prices increased 2.3 percent on-year, led by a 3.2 percent rise in dining-out expenses. Processed food prices jumped 4.1 percent as major food producers passed on the higher costs of imported raw materials to consumers. Agricultural, livestock and fishery product prices rose just 0.1 percent in May. This limited gain was largely due to a drop in vegetable prices, the agency said. "The drop in agricultural prices was mainly due to increased vegetable shipments stemming from favorable weather conditions, as well as the high base effect from last year's elevated fruit prices," Lee Doo-won, a Statistics Korea official, said. However, livestock prices jumped 6.2 percent in May, marking the sharpest on-year gain in 35 months since June 2022 when it recorded 9.5 percent on-year growth. "Rising import prices for pork and a decline in cattle slaughter have pushed up beef prices. This, in turn, led to higher chicken prices as consumers turned to alternatives," Lee said. "Egg prices also continued their upward trend in May after having rebounded in April." Petroleum product prices fell 2.3 percent, contributing to a 0.09 percentage point drop in the overall inflation rate. The Korean won has come under sustained pressure amid heightened political uncertainty following President Yoon Suk Yeol's brief imposition of martial law on Dec. 3. The situation was further exacerbated by US President Donald Trump's renewed tariff actions, raising concerns over potential impacts on South Korea's export-driven economy. Core inflation, which excludes volatile food and energy prices, rose 2 percent in May, slightly down from a 2.1 percent on-year increase in the previous month. (Yonhap)
CNA
3 days ago
- Business
- CNA
South Korea May inflation weakest in 5 months, below forecast
SEOUL :South Korea's consumer inflation slowed in May to the weakest pace in five months, government data showed on Wednesday, coming in below market expectations. The consumer price index rose 1.9 per cent in May from a year earlier, after rising 2.1 per cent in April, according to Statistics Korea. It was the weakest since December 2024 and lower than the median 2.1 per cent rise tipped in a Reuters poll of economists. The Bank of Korea lowered interest rates last week for a fourth time in its current easing cycle to support an economic recovery clouded by U.S. tariffs, with four of its seven board members open to more cuts in the next three months.
Korea Herald
29-05-2025
- Business
- Korea Herald
Has baby bust bottomed out? S. Korea sees 7% rebound in births in Q1
For the first time in years, South Korea is seeing signs of a turnaround in its record-low birth rate. According to new data released by Statistics Korea on Wednesday, the number of babies born in the first quarter of 2025 rose by 7.3 percent compared to the same period last year. That makes it the highest first-quarter increase recorded since the agency began tracking the figure in 1981. From January to March, 65,022 babies were born, up from 60,571 a year earlier. March alone saw 21,041 births, a 6.8 percent increase year-on-year, reversing a decadelong trend of decline for that month. The current rebound marks nine consecutive months of rising birth numbers, beginning in July 2024. The total fertility rate, the average number of children a woman is expected to have over her lifetime, also saw a modest rise. It reached 0.82 in the first quarter of 2025, up from 0.77 the year before. Though still far below the population replacement level of 2.1, it is the highest quarterly figure recorded since early 2022. Statistics Korea clarified that although the rate matched the 0.82 seen in the first quarter of 2023, this year's figure was slightly higher when calculated to the third decimal point. The uptick in births appears closely tied to a rise in marriages. In the first quarter, 58,704 couples tied the knot, up 8.4 percent from the same period last year. March alone saw 19,181 marriages, the highest for that month since 2020. Park Hyun-jung, director of population trends at Statistics Korea, explained that about 95 percent of births in South Korea happen within marriage. 'An increase in marriages, combined with a larger population of women in their 30s and a more positive perception of having children, all appear to be contributing to the recent rebound,' she said. Still, South Korea continues to have the lowest fertility rate in the world. In 2023, it dropped to just 0.721, prompting concern and coverage across global media including BBC and CNN. In a televised documentary aired that year by Korea's public educational broadcaster EBS, American legal scholar Joan C. Williams, a professor emerita at the University of California, called the numbers 'unheard of,' adding, 'South Korea is totally doomed.'
Straits Times
29-05-2025
- Business
- Straits Times
Has baby bust bottomed out? South Korea sees 7% rebound in births in first quarter of 2025
From January to March, 65,022 babies were born in South Korea, up from 60,571 a year earlier. PHOTO: REUTERS Has baby bust bottomed out? South Korea sees 7% rebound in births in first quarter of 2025 SEOUL - For the first time in years, South Korea is seeing signs of a turnaround in its record-low birth rate. According to new data released by Statistics Korea on May 28 , the number of babies born in the first quarter of 2025 rose by 7.3 per cent compared to the same period in 2024 . That makes it the highest first-quarter increase recorded since the agency began tracking the figure in 1981. From January to March, 65,022 babies were born, up from 60,571 a year earlier. March alone saw 21,041 births, a 6.8 per cent increase year-on-year, reversing a decade-long trend of decline for that month. The current rebound marks nine consecutive months of rising birth numbers, beginning in July 2024. The total fertility rate, the average number of children a woman is expected to have over her lifetime, also saw a modest rise. It reached 0.82 in the first quarter of 2025, up from 0.77 the year before. Though still far below the population replacement level of 2.1, it is the highest quarterly figure recorded since early 2022. Statistics Korea clarified that although the rate matched the 0.82 seen in the first quarter of 2023, this year's figure was slightly higher when calculated to the third decimal point. The uptick in births appears closely tied to a rise in marriages. In the first quarter, 58,704 couples tied the knot, up 8.4 per cent from the same period last year. March alone saw 19,181 marriages, the highest for that month since 2020. Ms Park Hyun-jung, director of population trends at Statistics Korea, explained that about 95 per cent of births in South Korea happen within marriage. 'An increase in marriages, combined with a larger population of women in their 30s and a more positive perception of having children, all appear to be contributing to the recent rebound,' she said. Still, South Korea continues to have the lowest fertility rate in the world. In 2023, it dropped to just 0.721, prompting concern and coverage across global media including BBC and CNN. In a televised documentary aired that year by Korea's public educational broadcaster EBS, American legal scholar Joan C. Williams, a professor emerita at the University of California, called the numbers 'unheard of,' adding, 'South Korea is totally doomed.' THE KOREA HERALD/ASIA NEWS NETWORK Join ST's Telegram channel and get the latest breaking news delivered to you.
