South Korea's December Inflation Rises to 1.9% Amid Price Pressures.

Seoul, South Korea—Statistics Korea reported on Tuesday that annual consumer prices rose 2.3% in 2024, continuing to decelerate from 3.6% in 2023 to 5.1% in 2022.

The consumer price index (CPI) increased 1.9% in December compared to the previous year's rating from November's 1.5% rise. 

The index rose 0.4% to 114.91 monthly, reversing November's 0.3% decline.

Core inflation, which excludes volatile food and energy prices, reached 111.59 in December, up 0.1% from the previous month and 1.8% year over year.

Food and non-alcoholic beverages showed the most substantial monthly gain at 1.9%, followed by furnishings and household equipment at 0.7%, transport at 0.6%, recreation and culture at 0.5%, and restaurants and hotels at 0.3%.

Housing, water, electricity, gas, and other fuels increased by 0.2%, while education rose by 0.1%. Clothing and footwear, health, and communication remained unchanged from the previous month.

Alcoholic beverages and tobacco declined 0.2%, while miscellaneous goods and services decreased 0.4% from November.

Using 2020 as the base year, the data covers 458 items across 12 major expenditure categories. The heaviest weights are assigned to housing-related costs, at 171.6, and restaurants and hotels, at 144.7.