5Monthly consumer prices 3.1% higher, international airfares 33.5% record high
Statistics Korea announced that 6month 1day 5monthly consumer prices rose year on year by 3.1%, reaching 26months for the first time in 3% range. International airfares 33.5% higher, setting a record high.
Statistics Korea announced that 6month 1day 5monthly consumer prices rose year on year by 3.1%. This marks the first time in 26months that inflation has entered the 3% range. The announcement said increases in energy and services were the main factors.
International airfares rose year on year by 33.5% to a record high. The sharp rise in airfares was cited as a factor pushing up prices for travel-related services. Statistics Korea explained that higher airfares were affecting prices overall.
According to the report, oil prices rose amid concerns about supply disruptions stemming from the Middle East. The rise in the exchange rate was also cited as a factor driving up import costs. The announcement came amid a combination of high oil prices and a high exchange rate.
By item, energy and transport- and travel-related services saw the largest increases. Some items, including agricultural, livestock and fishery products and manufactured goods, showed mixed movements. Statistics Korea also released detailed items and seasonally adjusted figures.
Hanwha Investment & Securities is holding an in-house AI competition to improve its work processes. The competition focused on internal projects and was reportedly aimed at identifying ways to innovate work using AI tools. The company said it would apply the results of the competition to improve work efficiency.
This announcement by Statistics Korea was released on 6 month 1 day. The announcement includes figures and explanatory materials for detailed items. Further details are available in Statistics Korea’s announcement.