NEWS BRIEF

[Anchor Lead]

Statistics Korea said the consumer price index recorded 108.97 in October, up 3.2% on-year, marking the steepest growth since 2012. By item, prices of petroleum products jumped 27.3%, the largest since 2008, while agro, livestock and fishery prices gained just 0.2% last month, much smaller than in the previous two months. The stats agency said prices of oil, processed food and industrial goods continued upward in October while on-year growth in public service fees also expanded due to a base effect from last year.
Following news of October's high inflation, Vice Finance Minister Lee Eog-weon convened a inflation-related meeting Tuesday and promised a swift supply of gasoline reflecting the fuel tax cut. He said this month also, uncertainties remain high and factors such as rising global oil costs may continue to push up inflation. The government earlier decided to temporarily reduce fuel taxes by 20% for six months starting November 12 and through the end of next April.