Inflation Looms as Food Prices Rise

The price of food surged five percent on-year in Korea in the third quarter of the year, the fifth-highest rate of growth in the OECD, according to Statistics Korea on Sunday.

That was the steepest rise behind Turkey (27.6 percent), Columbia (11.2 percent), Australia (10.6 percent) and Mexico (eight percent).

Korea's overall consumer price index also rose 2.6 percent over the same period, the biggest rate of increase since the first quarter of 2012.

Although Korea ranks 23rd in the OECD along with Belgium in overall consumer price growth, key food items like fruit and vegetables rose markedly.

The price of eggs surged 51.6 percent, pears 45.2 percent, apples 34.6 percent, garlic 28.1 percent and persimmons 27.67 percent.