Consumer prices rose in all 17 major cities and provinces in South Korea in the third quarter, and Seoul reported the sharpest growth of 3.7 percent among them on rising utility bills and costs of eating out, state news agency (Yonhap) reported Monday.
Inflation climbed 3.1 percent on-year in the July-September period in the country’s 17 regions on average, slowing from a 3.2 percent expansion in the second quarter, according to the data from Statistics Korea.
Of them, Seoul reported the sharpest rise, followed by the southeastern city of Ulsan with 3.4 percent, and the western port city of Incheon and the southern port city of Busan each with 3.3 percent.
The southern resort island of Jeju saw the lowest level of 2.0 percent, and the central administrative city of Sejong logged a 2.5 percent growth.
The rise in prices came as electricity, gas and water rates jumped 20.4 percent on-year in the third quarter, and the cost of dining out advanced 5.4 percent. Prices of processed food items also rose 6.3 per
cent, according to the agency.
Consumer prices had shown a downtrend this year, falling to as low as a 2.7 percent growth in July, but jumped to 3.4 percent in August before accelerating further to 3.7 percent the following month and 3.8 percent in October.
The acceleration is due mainly to volatile global oil prices and rising prices of fresh food items amid unfavourable weather conditions, the government said, adding that inflation is likely to ease slower than expected.
Meanwhile, mining and manufacturing output fell 2.0 percent on-year in the third quarter on average, the fourth consecutive quarterly fall, with 14 out of the 17 provinces and cities reporting a drop from a year earlier.
The weak production came as the semiconductor and other electronic and equipment sectors remained sluggish.
But service output increased in 12 provinces and cities, including Seoul and Incheon, in the third quarter, while three cities logged an on-year fall. The national average came to a 1.9 percent growth.
Retail sa
les, a gauge of private spending, increased in six provinces and cities, while 11 cities and provinces, including Jeju, reported an on-year decline, the data showed.
Source: Emirates News Agency
