Nat'l consumer inflation up 5.3% in Q4

• Published date: 28 February 2023
• Publication title: The Korea Times

Korea's nationwide consumer prices soared 5.3 percent on-year in the fourth quarter due to higher utility bills and food costs, data showed Monday.

The figure, however, marked a slight slowdown from the 5.9 percent on-year growth tallied a quarter earlier, according to the data from Statistics Korea.

The increase was largely attributable to higher electricity, gas and water bills, which advanced 23.1 percent on-year in the October-December period.

Prices of dining out and processed food also jumped 8.6 percent and 9.7 percent, respectively.

By region, consumer prices climbed 5.9 percent in Gangwon Province, followed by North and South Chungcheong Province with 5.9 percent and 5.8 percent, respectively.

Prices in Seoul went up 4.9 percent, and those in the southeastern port city of Busan gained 5 percent over the period.

Retail sales nationwide, meanwhile, fell 1.8 percent on-year due to the weak performances of specialized shops and unmanned stores, the data also showed.

Sales in Seoul and the southern resort island of Jeju dipped 5 percent and 5.1 percent, respectively, due to the...