SEOUL, Dec. 29 (Xinhua) -- South Korea's consumer price remained high this year despite a slower growth compared with the previous year, statistical office data showed Friday.
The consumer price index (CPI) came in at 111.59 in 2023, up 3.6 percent from a year earlier, according to Statistics Korea.
It was down from an increase of 5.1 percent in 2022, but it was still higher than a growth of 2.5 percent in 2021.
Price for electricity, natural gas and tap water surged 20.0 percent this year, raising the overall headline inflation by 0.68 percentage points. It marked the highest in 13 years since 2010.
Electricity bill soared 22.6 percent, with city gas and heating costs spiking 21.7 percent and 27.3 percent, respectively.
Price for agricultural, livestock and fishery products climbed 3.1 percent in 2023 from a year earlier after advancing 3.8 percent in the previous year.
Livestock products price dipped 2.2 percent, but those for agricultural and fishery products gained 6.0 percent and 5.4 percent, respectively.
Oil products price retreated 11.1 percent this year, with those for gasoline and diesel slumping 9.3 percent and 15.2 percent, respectively.
Price for industrial products, including oil products, was up 2.6 percent in 2023 from a year earlier after picking up 6.9 percent in the previous year.
Private services price, including eating-out cost, increased 4.8 percent this year, lower than a growth of 5.4 percent last year. Public services price added 1.3 percent this year.
Housing rent, including Jeonse and monthly rent, rose 0.5 percent in 2023 after going up 1.9 percent in 2022.
Jeonse is South Korea's unique contract between two households where a landlord grants a two-year residential right to a tenant, who in turn lends a certain amount of money, or deposit, to the landlord.
The livelihood items index, which gauges price for daily necessities, expanded 3.9 percent in 2023 on a yearly basis after gaining 6.0 percent last year.
The fresh food index, which measures the price of fish, shellfish, fruit and vegetable, advanced 6.8 percent this year, after growing 5.4 percent in the prior year.
Demand-side inflationary pressure hovered high. The core consumer price index, which excludes volatile agricultural and oil products, went up 4.0 percent in 2023, higher than the headline inflation of 3.6 percent.
The OECD-method core price, excluding volatile energy and food costs, was up 3.4 percent this year.
In December alone, the CPI gained 3.2 percent from a year earlier, hovering above 3 percent for the fifth consecutive month.
The headline inflation topped the Bank of Korea (BOK)'s mid-term target of 2 percent for 33 months in a row.
Agricultural products price soared 15.7 percent in December from a year ago, logging the highest since April 2021.
Oil products price declined 5.2 percent this month, but processed food price advanced 4.2 percent.
Price for electricity, natural gas and tap water jumped 9.7 percent in December on a yearly basis.
Private services price climbed 3.9 percent, but housing rent slipped 0.1 percent in the cited month.
The core consumer price increased 3.1 percent in December from a year earlier, while the OECD-method core price was up 2.8 percent. ■