(MENAFN) South Korea's inflation remained above the 2 percent threshold for a second straight month, driven by elevated food and petroleum prices alongside surging demand for international travel, data from the statistical office revealed Monday.

The consumer price index (CPI) climbed 2.4 percent in October year-over-year, accelerating from September's 2.1 percent gain, the Ministry of Data and Statistics reported.

Headline inflation has fluctuated near the central bank's medium-term 2 percent target in recent months.

The accelerated price growth stemmed from rising livestock and seafood costs, escalating oil product expenses, and increased overseas travel spending.

Agricultural, livestock and fishery product prices surged 3.1 percent last month, outpacing the prior month's 1.9 percent expansion.

Industrial product prices—encompassing oil products and processed foods—advanced 2.3 percent in October compared to the same period last year, exceeding September's 2.2 percent increase.

Oil product costs jumped 4.8 percent last month following a 2.3 percent rise in the previous month. Gasoline and diesel prices specifically increased 4.5 percent and 8.2 percent respectively.

Processed food prices climbed 3.5 percent, contributing 0.30 percentage points to overall inflation.

Electricity, natural gas and tap water prices edged up 0.4 percent in October on an annual basis.

Service prices spiked 2.5 percent last month, adding 1.35 percentage points to inflation. Public service prices grew 1.2 percent.

Private service costs, including dining expenses, increased 3.4 percent last month, surpassing the previous month's 2.9 percent growth.

Overseas group tour costs soared 12.2 percent amid strong demand for international travel during the weeklong Chuseok holiday, South Korea's equivalent of Thanksgiving Day.

Housing rent, encompassing Jeonse and monthly rental arrangements, rose 0.8 percent in October year-over-year.

Jeonse represents South Korea's distinctive rental contract where landlords provide two-year residential rights to tenants who deposit substantial sums with the property owner.

The livelihood items index, tracking daily necessity prices, gained 2.5 percent in October annually, while the fresh food index—measuring fish, shellfish, fruit and vegetable costs—declined 0.8 percent.

Demand-side inflation pressures intensified. The core consumer price index, excluding volatile agricultural and oil products, appreciated 2.5 percent last month, exceeding the previous month's 2.4 percent rise.

The OECD-method core price measure, excluding volatile energy and food costs, picked up 2.2 percent in the cited month.

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