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Prices rise 2.4% in November as weak won sends petroleum, food costs soaring

Published: 02 Dec. 2025, 18:14 Updated: 02 Dec. 2025, 18:23

Lee Doo-won, director-general for economic trends statistics at the Ministry of Data and Statistics, speaks atthe Government Complex Sejong in Sejong on Dec. 2. [NEWS1]

Korea’s consumer prices rose 2.4 percent in November from a year earlier, posting the highest on-year increase of 2025 for a second consecutive month.

The consumer price index maintained the same growth rate as in October, according to the Ministry of Data and Statistics on Tuesday, after a slowdown to 1.7 percent in August was upended by a 2.1 percent increase in September, starting a three-month streak in the 2 percent range.

The weakening of the won against the dollar played a major role in driving price gains in November, particularly for petroleum products.

Diesel prices rose 10.4 percent and gasoline prices increased 5.3 percent, contributing to a 5.9 percent overall rise in petroleum-related costs. That figure outpaced October’s 4.8 percent increase, despite a decline in global oil prices.

“Dubai crude prices in November dropped 11.2 percent compared to a year earlier, but the exchange rate rose 4.6 percent, meaning the value of the won fell.” said Lee Doo-won, the director-general for economic trend statistics at the Data Ministry. “On top of that, the government reduced the fuel tax cut in November, which also affected prices.”

Prices of agricultural, livestock and fisheries products also jumped 5.6 percent compared to November of last year, contributing 0.42 percentage points to overall inflation. That was the steepest increase in 17 months since a 6.5 percent rise in June 2024.

Imported fruit led much of the increase, with kiwi prices up 12 percent and mango prices rising 8.8 percent from October. Imported beef also became more expensive, with prices rising 6.8 percent on year in November compared to a 5.3 percent increase in October.

Imported fruit is displayed at a large supermarket in Seoul on Dec. 2. [YONHAP]

Among seafood products, prices rose sharply for beltfish, mackerel and yellow croaker, which each have a relatively high share of imports. Beltfish prices jumped 11.2 percent, mackerel rose 13.2 percent and yellow croaker surged 18.2 percent.

In the case of mackerel, domestic catches of mid- to large-sized fish have declined in recent months, driving prices higher. Analysts said the weak won likely contributed to this increase, alongside reduced supply in exporting countries.

The living necessities index, which reflects price changes for frequently purchased everyday goods, rose 2.9 percent. That marked the sharpest increase in 16 months, last recorded at 3 percent in July 2024. Officials attributed the rise to higher food prices, which climbed 3.7 percent.

Rice prices rose 18.6 percent compared to 2024, but the price increase slowed from October’s 21.3 percent as the supply of newly harvested rice grew.

Rice is on sale at a supermarket in Seoul on Dec. 2. [NEWS1]

The prices of tangerines surged 26.5 percent as demand rose and quality improved during the winter season.

Government officials expect the weak won to continue driving up prices.

“Rising import prices driven by exchange rates will remain an inflationary factor going forward,” Lee said. “Petroleum and imported agricultural, livestock and fisheries goods are most sensitive to exchange rate changes. In the longer term, rising input costs may lead to higher prices for processed foods and dining out.”

Lim Hye-young, director of the price policy division at the Ministry of Economy and Finance, said that rising import costs, combined with a high exchange rate, may eventually push up the prices of durable goods that rely on imported raw materials.

"The government will continue to monitor developments closely and pursue measures to stabilize consumer prices," Lim said.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY KIM KYUNG-HEE [[email protected]]