South Korea August inflation hits five-month high as fresh food prices soar

FILE PHOTO: A street vendor counts his money at the Namdaemun Market in Seoul, South Korea, May 30, 2017. REUTERS/Kim Hong-Ji

SEOUL (Reuters) - South Korea’s annual inflation in August accelerated to its fastest in five months as the longest monsoon on record pushed up fresh food prices, data showed on Wednesday, though it remained subdued on weak domestic demand amid the coronavirus pandemic.

The consumer price index (CPI) jumped 0.7% from a year earlier in August, Statistics Korea data showed, versus a 0.3% rise in July and beating a median 0.4% rise tipped in a Reuters survey.

The index rose 0.6% in August on a monthly basis, faster than a prediction of a 0.2% rise. In July, it was unchanged.

The core CPI was unchanged at 0.4% rise from a year earlier.

(This story corrects day in first paragraph)

Reporting by Joori Roh; Editing by Himani Sarkar