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S. Korea's Inflation of Food, Non-Alcoholic Beverages Surpasses OECD Average

Written: 2024-04-21 12:44:36Updated: 2024-04-21 21:15:30

S. Korea's Inflation of Food, Non-Alcoholic Beverages Surpasses OECD Average

Photo : YONHAP News

South Korea's inflation rate of food products surpassed the average of major economies for the first time in more than two years.

According to data by the Organization for Economic Cooperation and Development (OECD) on Sunday, the country's inflation of food and non-alcoholic beverages rose six-point-95 percent in February, much larger than the OECD average of five-point-32 percent.

It marks the first time in two years and three months that the country's rate has exceeded the OECD average since November 2021, right before Russia's invasion of Ukraine.

The country's rise was steeper than that of other OECD members.

Among 35 OECD members whose data for the rate was available, South Korea's rate was the largest after Türkiye's with 71-point-12 percent and Iceland's with seven-point-52 percent in February.

Global prices of food and non-alcoholic beverages soared around Russia's invasion of Ukraine in February 2022, with the OECD average jumping to over 16 percent in November that year.

The OECD average, however, rapidly slowed to nine-point-52 percent in July last year and fell to the five-percent range in February. In contrast, South Korea saw the rate fall to three-point-81 percent in July last year, rebound to the range of five to seven percent after October last year and surpass the OECD average in February.

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