South Korea’s consumer prices rise

Seoul, June 3 (IANS) South Korea’s consumer prices rose 1 percent in May from a year earlier due to a fall in farm goods and oil product prices, a government report showed Monday.

Consumer prices rose 1 percent on-year in May after gaining 1.2 percent in the prior month, according to a report by Statistics Korea.

The figure was the lowest since September 1999 when the prices increased 0.8 percent, and stayed in the 1-percent range for seven straight months, reported Xinhua.

Lower agricultural product prices and falling global crude prices led the continued consumer price inflation. Farm goods prices declined 3.7 percent in May from a year earlier, and the oil product prices slid 2.6 percent last month.

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