SEOUL, Aug. 3 (Xinhua) -- South Korea's consumer price inflation hovered above 2 percent for the fourth consecutive month on a higher price for farm goods and oil products, statistical office data showed Tuesday.
The consumer price index (CPI) stood at 107.61 in July, up 2.6 percent from a year ago, according to Statistics Korea.
The headline inflation gained speed this year from 0.6 percent in January to 1.1 percent in February and 1.5 percent in March each, before rising above 2 percent in April and staying above the level for four months in a row.
Price for agricultural, livestock and fishery products advanced 9.6 percent in July from a year earlier, after increasing 10.4 percent in the previous month.
Egg price surged 57.0 percent last month, marking the fastest growth in four years since July 2017.
The government imported over 200 million eggs in the first half to level it off, but the egg price sustained a double-digit increase for the seventh straight month.
Price for apple, pear, grape, garlic, red pepper powder and chives soared in double figures, and those for pork and beef rose 9.9 percent and 7.7 percent each.
Industrial products price gained 2.8 percent in July from a year earlier. Oil products price jumped 19.7 percent owing to a higher price for diesel and gasoline, the price of which spiked 21.9 percent and 19.3 percent respectively.
Processed food price climbed 1.9 percent last month on expensive noodle, bread and cooking oil.
Price for electricity, tap water and natural gas added 0.3 percent in July on a yearly basis.
Public services price declined 0.5 percent on the expanded welfare policy such as free high-school education.
Driven by higher farm goods price, the private services price went up 2.7 percent in July, logging the fastest growth in 32 months since November 2018.
Hotel room charges and eating-out costs rose 2.7 percent and 2.5 percent each during the summer vacation season.
Housing rent, including Jeonse and monthly rent, was up 1.4 percent in July from a year earlier, posting the highest increase in over three and a half years since November 2017.
Jeonse is the country's unique contract between two households where a landlord grants the two-year residential right to a tenant who in turn lends a certain amount of money, or deposit, to the landlord.
Core consumer price, which excludes volatile agricultural and oil products, moved up 1.7 percent in July on a yearly basis, marking the highest in almost four years since August 2017.
The OECD-method core price, which excludes food and energy cost, was up 1.2 percent last month.
The livelihood items index, which measures price for daily necessities, advanced 3.4 percent in July from a year ago, recording the highest since August 2017.
The fresh food index, which gauges price for fish, shellfish, fruit and vegetable, jumped 7.3 percent last month.
The country's central bank indicated an interest rate hike later this year, after having left its key rate unchanged at an all-time low of 0.50 percent since May last year.
Some of the market watchers forecast that the Bank of Korea (BOK) may raise its policy rate by 25 basis points as early as August in a bid to curb massive household debts and control a surge in housing prices. Enditem
