Jeonbuk Consumer Price Inflation Continues Above 3%

Prices in Jeonbuk have risen by more than 3% for two consecutive months. This trend is attributed to the increase in international oil prices resulting from conflicts in the Middle East, and the provincial inflation rate is higher than the national average during the same period.

The Jeonju office of Statistics Korea released its 'June Jeonbuk Special Self-Governing Province Consumer Price Trends'. According to the report, the consumer price index for Jeonbuk in June was 120.58, a 0.1% increase from the previous month and a 3.6% increase compared to June of the previous year. This figure is 0.4 percentage points higher than the national consumer price inflation rate of 3.2%.

Gasoline prices surged by 23.8% and diesel prices by 34.7%, driving the inflation rate for industrial products in the province up by 5.0%. The living cost index, which reflects perceived inflation, rose 4.3% year-on-year, with transportation costs showing the largest increase at 11.8%.

The Jeonju office of Statistics Korea announced that the pace of price increases is expected to slow down somewhat in July compared to June.