Press Releases
Ministry of Economy and Finance
Dec 03,2024
The consumer price index (CPI) in November 2024 rose by 1.5% y-o-y, up 0.2%p from October (1.3%). Despite the continued trend of declining petroleum product prices (-5.3%, y-o-y) and falling prices for agricultural, livestock, and fishery products (+1.0%, y-o-y), the slower decline in petroleum product prices compared to the previous month contributed to this outcome.
Consumer Price Index
|
(%) |
2023 |
2024 |
|||||||||||
|
Nov |
Dec |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
|
|
y-o-y |
3.3 |
3.2 |
2.8 |
3.1 |
3.1 |
2.9 |
2.7 |
2.4 |
2.6 |
2.0 |
1.6 |
1.3 |
1.5 |
|
m-o-m |
-0.5 |
0.0 |
0.4 |
0.5 |
0.1 |
0.1 |
0.1 |
-0.2 |
0.3 |
0.4 |
0.1 |
0.0 |
-0.3 |
The core inflation rate, which shows the underlying inflation trend by excluding volatile food and energy prices, appears to be stable, with an increase of 1.9% y-o-y (1.8% in October). The CPI for living necessities, composed of items with a high share of household spending, also climbed up by 1.6% y-o-y (1.2% in October), influenced by the smaller decline in petroleum product prices. Meanwhile, the fresh food price index, which had shown high growth rates, rose by 0.4% y-o-y, marking its lowest level in 32 months.
Core Inflation
|
(y-o-y, %) |
2023 |
2024 |
|||||||||||
|
Nov |
Dec |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
|
|
CPI excluding food and energy prices |
2.9 |
2.8 |
2.5 |
2.5 |
2.4 |
2.3 |
2.2 |
2.2 |
2.2 |
2.1 |
2.0 |
1.8 |
1.9 |
|
CPI excluding agricultural product and petroleum prices |
3.2 |
3.1 |
2.6 |
2.6 |
2.4 |
2.3 |
2.0 |
2.0 |
2.1 |
1.9 |
1.8 |
1.7 |
1.8 |
CPI for living necessities
|
(y-o-y, %) |
2023 |
2024 |
|||||||||||
|
Nov |
Dec |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
|
|
CPI for living necessities |
4.0 |
3.7 |
3.4 |
3.7 |
3.8 |
3.6 |
3.1 |
2.8 |
3.0 |
2.1 |
1.5 |
1.2 |
1.6 |
Despite uncertainties stemming from factors such as abnormal weather and global oil prices, the December consumer price index is expected to maintain a stable trend within 2%, provided there are no significant external shocks. Nevertheless, given the ongoing challenges of high inflation facing people’s livelihoods, the government plans to make every effort to stabilize perceived prices. In particular, in order to alleviate the burden of winter fuel and heating costs, the fuel tax reduction, initially set to expire at the end of the year, will be extended until the end of February next year. Furthermore, as part of efforts to stabilize food prices, the quota tariffs on radishes and carrots will be extended for two more months until February 2025, and those on food ingredients such as cocoa beans, coffee concentrate, and orange concentrate will continue to be implemented through 2025.
Please refer to the attached files.