Consumer prices rise 2.4% in November

Dec 02, 2025, 09:36 am

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Deputy Prime Minister and Finance Minister Koo Yun-cheol delivers opening remarks at an economic and price-related ministers’ meeting at the Government Complex Seoul on December 2. / Courtesy of the Ministry of Economy and Finance

South Korea’s consumer prices climbed 2.4% in November from a year earlier, marking the third straight month in the 2% range, as higher food and petroleum prices drove overall inflation upward, government data showed Tuesday.

According to the National Data Office’s November inflation report, price levels — which had dipped to 1.7% in August — rose to 2.1% in September and 2.4% in October before holding steady last month. All major categories, including services, industrial goods, agricultural and fisheries products, and utilities, posted increases.

Agricultural, livestock and fishery products were the biggest contributors, pushing overall inflation up by 0.42 percentage points. Prices in the sector rose 5.6% from a year earlier, the fastest pace in 15 months. While fresh vegetables fell 4.7%, sharp jumps were recorded in fresh fruits such as rice (18.6%), apples (21.0%) and tangerines (26.5%). Mackerel (13.2%) and eggs (7.3%) also climbed.

Industrial goods also added upward pressure. Processed foods rose 3.3%, while petroleum products surged 5.9% — the highest increase in nine months — driven by elevated global oil prices and a strong U.S. dollar. Gasoline prices rose 5.3% and diesel 10.4%, contributing 0.23 percentage points to overall inflation. Coffee (15.4%) and bread (6.5%) were among items showing notable increases.

Lee Doo-won, director of economic trend statistics at the National Data Office, said the petroleum price jump reflected the exchange-rate impact and the partial rollback of fuel-tax cuts.

Service prices rose 2.3%, with personal services up 3.0% as both dining-out prices (2.8%) and non-dining items (3.1%) increased. Insurance premiums, apartment maintenance fees and other everyday service costs also rose, contributing to a stronger sense of inflation. Public services gained 1.4%, while housing rent increased 0.9%.

The living cost index — often seen as closer to perceived inflation — climbed 2.9%, the fastest pace in 16 months. Core inflation excluding food and energy, the OECD’s preferred measure, rose 2.0%, while Korea’s domestic core inflation measure (excluding agricultural products and petroleum) increased 2.3%.

#Consumer inflation #Weak won #Food and petroleum prices #Living cost index