SEOUL, Nov. 4 (Xinhua) -- South Korea's consumer price inflation stayed above 2 percent for the second consecutive month on the back of higher prices for food and oil products as well as strong demand for overseas trips, statistical office data showed Monday.
Consumer price index (CPI) gained 2.4 percent in October from a year earlier, after rising 2.1 percent in the previous month, according to the Ministry of Data and Statistics.
The headline inflation hovered around the central bank's mid-term inflation target of 2 percent in recent months.
The faster inflation was attributed to an increase in livestock and fishery products prices, more expensive oil products, and higher expenses for overseas travel.
Prices for agricultural, livestock and fishery products swelled 3.1 percent last month, higher than an expansion of 1.9 percent in the prior month.
Prices for industrial products, including oil products and processed food, rose 2.3 percent in October compared to the same month of last year, higher than an increase of 2.2 percent in September.
Oil products price was up 4.8 percent last month after going up 2.3 percent in the previous month. The price for gasoline and diesel increased by 4.5 percent and 8.2 percent, each.
Processed food prices climbed 3.5 percent, raising the overall inflation by 0.30 percentage points.
Prices for electricity, natural gas and tap water inched up 0.4 percent in October on a yearly basis.
Service price spiked 2.5 percent last month, lifting the inflation by 1.35 percentage points. Public service price grew 1.2 percent.
Private service price, including eating-out cost, increased 3.4 percent last month, higher than the growth of 2.9 percent in the previous month.
The cost of overseas group tours soared 12.2 percent amid robust demand for overseas travel during the weeklong Chuseok holiday, the South Korean version of Thanksgiving Day.
Housing rent, including Jeonse and monthly rent, was up 0.8 percent in October from a year earlier.
Jeonse is South Korea'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 a deposit, to the landlord.
The livelihood items index, which gauges price for daily necessities, gained 2.5 percent in October on a yearly basis, but the fresh food index, which measures price for fish, shellfish, fruit and vegetables, dipped 0.8 percent.
Demand-side inflationary pressure became strong. Core consumer price index, which excludes volatile agricultural and oil products, appreciated 2.5 percent last month, higher than a rise of 2.4 percent in the previous month.
The OECD-method core price, excluding volatile energy and food costs, picked up 2.2 percent in the cited month. ■