(ATTN: ADDS more info with finance ministry's release in last 6 paras)
By Kang Yoon-seung
SEOUL, Nov. 3 (Yonhap) -- South Korea's consumer prices rose 2.8 percent in October from a year earlier, data showed Tuesday, as agricultural product prices continued to decline despite energy costs remaining elevated.
According to data from the Ministry of Data and Statistics, consumer price growth eased to 2.8 percent in October from 2.9 percent in September and 3.1 percent in August.
The data ministry said petroleum products' prices advanced 14.9 percent on-year in October, contributing 0.56 percentage point to the month's on-year inflation rate. It was the sharpest growth since 15.5 percent posted in July.
In detail, diesel prices jumped 19.7 percent on-year in October, while gasoline prices increased a sharp 11.6 percent.
South Korea relies heavily on imports to meet its energy needs.
The report showed that prices of industrial products overall rose 4.4 percent on-year in October due to higher global energy prices, with those of mobile phones and computers climbing 10.8 percent and 26.2 percent, respectively.
Prices of imported automobiles, on the other hand, fell 3.9 percent over the same period.
In addition, prices of agricultural, livestock and fishery products fell 1.7 percent over the same period, the findings showed, lowering the overall inflation rate by 0.14 percentage point. It marked the third consecutive month of an on-year decline.
Prices of apples, napa cabbages and cucumbers fell 13.4 percent, 44.3 percent and 39.5 percent, respectively. Those of domestically produced beef, however, rose 9.1 percent.
The service sector's prices moved up 2.7 percent, led by higher insurance premiums and overseas package tour prices, which increased 13.4 percent and 11.5 percent, respectively.
Dining-out prices climbed 2.9 percent on-year in October, marking the highest increase since February, when they also increased 2.9 percent, and contributing 0.42 percentage point to the overall inflation rate.
Prices of electricity, gas and water went up 0.4 percent over the same period.
Core inflation, which excludes volatile food and energy prices, stood at 2.8 percent on-year in October.
In a separate release, the Ministry of Finance and Economy said the country's fuel price cap system is estimated to have lowered October's inflation rate by 0.8 percentage point.
"In October, while prices of processed foodstuffs rose, those of agricultural, livestock and fishery products fell, with overall consumer prices rising 2.8 percent," First Vice Finance Minister Kwon Dae-young said during a meeting with economy-related vice ministers.
"Amid uncertainties surrounding the war in the Middle East and high oil prices, South Korea is maintaining a stable (inflation rate) compared with major countries on the back of policy efforts, such as the fuel price cap system," Kwon added.
The finance ministry said it plans to closely monitor prices of items closely linked to people's livelihoods and take measures as needed.
The government will also seek to revamp the country's distribution system and take stern action against unfair practices, such as price collusion, it added.
South Korea will also allocate 64 billion won (US$47.5 million) to ease household financial burdens through discount events ahead of the annual "gimjang" season, which typically runs from November to December, when people make large quantities of kimchi for the winter.
A shopper purchases groceries at a supermarket in Seoul on Oct. 30, 2026. (Yonhap)
A shopper purchases groceries at a supermarket in Seoul on Oct. 30, 2026. (Yonhap)