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S. Korea's inflation growth slows in August to 5.7% but consumers still feel the pinch
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8월 물가 5.7%↑…상승세 7개월만 둔화... 채솟값 여전히 '고공행진' 에 '명절 앞두고 한숨'
Inflation in South Korea came down in August for the first time in seven months.
Prices had been rising at well over six percent, the highest rate in almost a quarter century.
It's still high, though, at 5-point-7 percent, and consumers are feeling it now ahead of a major holiday when people buy a lot of food.
Eum Ji-young reports.
South Korea's inflation softened in August for the first time in seven months.
Statistics Korea reported on Friday that the Consumer Price Index, a key gauge of inflation, went up five-point-seven percent
last month compared to the same period a year earlier.
Although it has gone up, it's a slightly slower rate compared to the six-point-three percent surge in July, the fastest rise since November 1998 in the aftermath of the Asian Financial Crisis.
The country's consumer prices grew at a slower pace in August after running at a 24-year high, but still far higher than the government's target of two percent.
Statistics Korea says the softening is mostly due to the fall in global oil prices.
"The rise in petroleum product prices slowed significantly compared to the previous month, by point-six percent, a relatively large contraction."
The official added that the on-year growth in consumer prices is not likely to speed up much in September either due to the base effect since prices were relatively high in September last year.
"Despite inflation starting to soften, consumers are still feeling the squeeze from the high prices especially ahead of the Korean thanksgiving holiday Chuseok."
"I'm planning to spend less for Chuseok. I visited traditional market today because they're usually cheaper. But 10-thousand won doesn't go that far anymore. And it's cheaper to buy ready-made Kimchi rather than making it myself because vegetables are so expensive."
Major items on people's grocery lists, like vegetables, were up nearly 28 percent from a year earlier.
The price of Napa cabbage, used mainly for kimchi, surged by nearly 80 percent.
Consumers are feeling it and it's rough on merchants too although it's a peak season for them in the run-up to Chuseok.
"The price of this dried fish for Chuseok memorial tables went up by 500 won. Traditional sweets also that used to be 5-thousand won are now 6-thousand. Customers are buying less because of the price hikes."
In order to ease the burden on consumers, the government will supply some 4-thousand tons of goods that're in high-demand including cabbage and garlic, by releasing government stockpiles before Chuseok.
An expert says, to further curb high inflation, the government should take additional measures.
"Raising the key interest rate is inevitable in order to reduce the liquidity, and more support from the government will be needed to stabilize people's livelihoods."
Eum Ji-young, Arirang News.
#inflation #chuseok #Arirang_News
2022-09-02, 17:00 (KST)
Inflation in South Korea came down in August for the first time in seven months.
Prices had been rising at well over six percent, the highest rate in almost a quarter century.
It's still high, though, at 5-point-7 percent, and consumers are feeling it now ahead of a major holiday when people buy a lot of food.
Eum Ji-young reports.
South Korea's inflation softened in August for the first time in seven months.
Statistics Korea reported on Friday that the Consumer Price Index, a key gauge of inflation, went up five-point-seven percent
last month compared to the same period a year earlier.
Although it has gone up, it's a slightly slower rate compared to the six-point-three percent surge in July, the fastest rise since November 1998 in the aftermath of the Asian Financial Crisis.
The country's consumer prices grew at a slower pace in August after running at a 24-year high, but still far higher than the government's target of two percent.
Statistics Korea says the softening is mostly due to the fall in global oil prices.
"The rise in petroleum product prices slowed significantly compared to the previous month, by point-six percent, a relatively large contraction."
The official added that the on-year growth in consumer prices is not likely to speed up much in September either due to the base effect since prices were relatively high in September last year.
"Despite inflation starting to soften, consumers are still feeling the squeeze from the high prices especially ahead of the Korean thanksgiving holiday Chuseok."
"I'm planning to spend less for Chuseok. I visited traditional market today because they're usually cheaper. But 10-thousand won doesn't go that far anymore. And it's cheaper to buy ready-made Kimchi rather than making it myself because vegetables are so expensive."
Major items on people's grocery lists, like vegetables, were up nearly 28 percent from a year earlier.
The price of Napa cabbage, used mainly for kimchi, surged by nearly 80 percent.
Consumers are feeling it and it's rough on merchants too although it's a peak season for them in the run-up to Chuseok.
"The price of this dried fish for Chuseok memorial tables went up by 500 won. Traditional sweets also that used to be 5-thousand won are now 6-thousand. Customers are buying less because of the price hikes."
In order to ease the burden on consumers, the government will supply some 4-thousand tons of goods that're in high-demand including cabbage and garlic, by releasing government stockpiles before Chuseok.
An expert says, to further curb high inflation, the government should take additional measures.
"Raising the key interest rate is inevitable in order to reduce the liquidity, and more support from the government will be needed to stabilize people's livelihoods."
Eum Ji-young, Arirang News.
#inflation #chuseok #Arirang_News
2022-09-02, 17:00 (KST)
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