S Korea Consumer Prices Fall 0.1%, Inflation at 1.9%

Sejong, South Korea - The nation's consumer prices fell 0.1 percent in May compared to the previous month, while the annual inflation rate slowed to 1.9 percent.

The consumer price index stood at 116.27 in May, using 2020 as the base year, according to the government statistics agency. The monthly decline followed a 0.1 percent increase in April.

The annual inflation rate decreased from 2.1 percent, recorded in both March and April. In January, the rate had reached 2.2 percent.

The core price index, which excludes food and energy, was 113.10 in May. It rose 0.2 percent from the previous month and 2.0 percent from May 2024.

Food and non-alcoholic beverages drove the monthly decline, falling 1.3 percent from April. Transport costs also decreased, dropping 0.2 percent during the month.

Several categories posted increases. Clothing and footwear rose 0.3 percent, housing and utilities increased 0.2 percent, and furnishings and household equipment gained 0.2 percent. 

Recreation and culture costs advanced 0.3 percent, education rose 0.1 percent, and restaurants and hotels increased 0.3 percent.

Alcoholic beverages and tobacco, health, communication, and miscellaneous goods and services showed no change from April.

Food and non-alcoholic beverages carry a weighting of 142.0 in the index.

This category increased 2.4 percent annually in May, down from 5.1 percent in May 2024. 

Transport costs fell 1.3 percent year-over-year, compared with a 3.8 percent increase in the same month last year.

Statistics Korea uses 458 items across expenditure categories to calculate the index.