South Korea's consumer prices rise 2.8% in October as petroleum costs surge

South Korea's consumer prices rose 2.8% in October from a year earlier, as a sharp drop in farm, livestock and fishery prices and fresh food costs helped temper inflation, while petroleum products, other industrial goods and personal services drove the overall index higher.

According to the Ministry of Statistics' "Consumer Price Trends for October 2026," released Tuesday, the consumer price index stood at 120.73 (base year 2020=100), up 2.8% from a year ago. The rate eased 0.1 percentage point from the previous month's 2.9% and marked the second consecutive month of deceleration since August, when the index rose 3.1%. On a month-on-month basis, prices rose 0.2%.

By product category, industrial goods led the increase with a 4.4% rise. Petroleum products surged 14.9%, contributing 0.56 percentage point to the overall index gain, with diesel up 19.7% and gasoline up 11.6%. Services rose 2.7%, while electricity, gas and water utilities edged up 0.4%. Farm, livestock and fishery prices fell 1.7%.

The fresh food index fell 6.2%, with fresh vegetables down 11.3% and fresh fruits down 8.6%, though fresh seafood rose 6.0%. The lifestyle price index, which reflects everyday spending, rose 2.6%.

Core inflation measures — the index excluding food and energy, and the index excluding agricultural products and petroleum — each rose 2.8%. By expenditure category, transportation costs climbed 6.8%, recreation and culture rose 5.1%, and other goods and services gained 4.2%.