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S. Korea's Food Price Increase Third Highest among OECD Members in Q2

Written: 2021-08-08 14:06:41Updated: 2021-08-08 14:10:50

S. Korea's Food Price Increase Third Highest among OECD Members in Q2

Photo : YONHAP News

South Korea had the third-highest food price increase among members of the Organization for Economic Cooperation and Development (OECD) in the second quarter.

According to the OECD and Statistics Korea on Sunday, the country's food and non-alcoholic beverage prices jumped seven-point-three percent in the April-June period from a year earlier.

It marks the largest gain for the second quarter in ten years since 2011, when it posted seven-point-eight percent.

The tally is the third highest among 38 OECD members after Turkey and Australia and four-point-five times the OECD average of one-point-six percent.

In the second quarter of last year, South Korea's food price increase rate came to two-point-five percent and ranked 26th among the 37 OECD members.

The surge in the rate is attributed to the base effect of last year's low inflation and the recent rise in the prices of agricultural, livestock and fishery products and petroleum products.

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