Consumer prices rose 2.4 percent in November, extending mid-two percent gains for a second month. The weaker won lifted petroleum and imported food prices. Living costs recorded their steepest rise in 14 months.
The National Data Office said in its November consumer price report that the index rose 2.4 percent from a year earlier. Petroleum products jumped 5.9 percent and added 0.23 percentage points to inflation. Diesel rose 10.4 percent and gasoline gained 5.3 percent. The office cited reduced fuel tax cuts and the weak won.
Imported agricultural, livestock and fishery goods also increased. Imported fish, including hairtail at 11.2 percent and mackerel at 13.2 percent, rose sharply. Prices of imported fruit such as kiwis and mangoes increased due to the exchange rate. Tangerines rose 26.5 percent and pork gained 5.1 percent.
The living cost index rose 2.9 percent, the highest since July last year. The fresh food index increased 4.1 percent. Core inflation excluding agricultural and petroleum products rose 2.3 percent. The OECD-style core index gained 2.0 percent.
The National Data Office said petroleum and imported agricultural, livestock and fishery goods react most sensitively to the exchange rate. It said the trend could also support higher processed food and dining-out prices.