[News Today] 1% RANGE INFLATION CONTINUES

[LEAD]
Last month, consumer prices rose by 1.3% compared to a year earlier, marking the lowest increase in three years and nine months. This continues a trend of 1% increases for the second consecutive month. Despite the overall slowdown in inflation, the prices of kimchi vegetables like napa cabbage and radish remain notably unstable.

[REPORT]
The price of a pack of three napa cabbages sold at this vegetable stall is 14,000 won, about 10 dollars.

Compared to a month ago, it's down by about half. But the price is still high compared to past years.

Lee Woong-hee / Vegetable store owner
Prices have fallen a lot but I believe they should go down more.

Last month, the price of vegetables for making kimchi, such as cabbage and radish, jumped more than 50 percent on-year, while lettuce and zucchini prices also rose sharply in the 40-percent range.

Overall vegetable prices were up 15.6% last month, marking the steepest gain in two years.

Ahead of the kimchi making 'gimjang' season, consumers are worried.

Consumer/
(When do you plan to do gimjang?) In December. Last year, it was Nov. but cabbage is too pricey now. So I'm delaying it.

Despite unstable vegetable prices, consumer price inflation across the board grew just 1.3% last month to continue growth in the one percent range for the second month. It marks the slowest rise in 3 years and 9 months.

The slowdown was led by lower oil prices.

Due to a base effect resulting from high prices a year ago, the price of both gasoline and diesel fell by more than 10%.

Prices of fruit, such as apples and grapes, as well as rice also posted sharp declines.

Kim Beom-seok / 1st Vice Finance Minister
Sharp drop in oil prices and agro, livestock, fishery prices also slowing to 1% range growth, the downward trend is taking root.

The government predicts that consumer price growth could slightly accelerate in November due to a smaller fuel tax cut from this month.

But as long as there are no major external shocks, a stable trend of inflation within the 2% range is expected to continue.

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