Economy & Inflation Archives | Be Korea-savvy

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As Inflation Bites, South Korean Households Cut Back on Private Tutoring

As Inflation Bites, South Korean Households Cut Back on Private Tutoring

SEOUL, Mar. 19 (Korea Bizwire) – As stubbornly high inflation persists, South Korean households are tightening their purse strings even on private education expenses, long considered the last bastion of family budgets, according to data released on March 18. BC Card, a major credit card company, reported a staggering 24 percent year-over-year plunge in education-related spending [...]

Finance Minister Calls for Extra Effort to Curb Still-high Inflation

Finance Minister Calls for Extra Effort to Curb Still-high Inflation

SEOUL, Mar. 18 (Korea Bizwire) — Finance Minister Choi Sang-mok on Monday called for extra effort by government officials to bring inflation under control amid weak private consumption, his office said. Choi made the call during a meeting with officials of the Ministry of Economy and Finance, where he also instructed them to come up [...]

Rising Exports Lead Economic Recovery Despite Weak Domestic Demand: Finance Ministry

Rising Exports Lead Economic Recovery Despite Weak Domestic Demand: Finance Ministry

SEOUL, Mar. 15 (Korea Bizwire) — The South Korean economy has been on a recovery track on the solid growth of exports, but disparities among sectors remain wide amid weak consumption and investment, the finance ministry said Friday. “As shown in manufacturing production and exports, the country has seen an economic recovery and a stable [...]

In an Era of Soaring Prices, Consumers Tighten Belts and Adapt Spending Habits

In an Era of Soaring Prices, Consumers Tighten Belts and Adapt Spending Habits

SEOUL, Mar. 12 (Korea Bizwire) – Two years into the era of high inflation, elusive price increases led by fruits and vegetables such as apples, pears, and green onions continue to burden consumers. Following the hike in gasoline and the cost of eating out in previous years, the soaring prices of everyday food items have become [...]

Study Reveals Rising Suicide Rate Linked to Economic Downturn, Drop in Youth Employment

Study Reveals Rising Suicide Rate Linked to Economic Downturn, Drop in Youth Employment

SEOUL, Mar. 11 (Korea Bizwire) – A recent study has highlighted the correlation between worsening economic conditions and higher suicide rates, emphasizing the significant impact of a 1% decrease in the employment rate on youth suicide fatalities, which rise by 1.7%. Conducted by the Korea Labor Institute, the research, titled “Economic Shocks and Suicide,” explores the [...]

Darkest South Korean Winter in a Decade Imperils Greenhouse Crops

Darkest South Korean Winter in a Decade Imperils Greenhouse Crops

SEOUL, Mar. 9 (Korea Bizwire) – South Korea experienced its darkest winter in ten years from December to February, with sunlight levels plummeting, signaling potential difficulties for this year’s greenhouse crop yields. Concerns are rising that the poor condition of crops such as cucumbers, strawberries, watermelons, melons, and oriental melons could lead to reduced production [...]

Inflation Rises Back Above 3 Pct in Feb. on High Fruit, Energy Prices

Inflation Rises Back Above 3 Pct in Feb. on High Fruit, Energy Prices

SEOUL, Mar. 6 (Korea Bizwire) — South Korea’s inflation ticked up to over 3 percent in a month in February on high prices of fresh food items and energy, data showed Wednesday. Consumer prices, a key gauge of inflation, rose 3.1 percent on-year last month, compared with a 2.8 percent increase a month earlier, according [...]

Financial Regulator Vows Swift Implementation of 5 Tln-won Support Fund for Local Firms

Financial Regulator Vows Swift Implementation of 5 Tln-won Support Fund for Local Firms

SEOUL, Mar. 6 (Korea Bizwire) — The financial regulator said Wednesday it will work to quickly provide up to 5 trillion won (US$3.75 billion) in financial support to local firms this year, while pushing to create an additional 3 trillion-won investment fund for businesses. The government earlier announced plans to provide more than 76 trillion [...]

Apple Prices Soar as Import Restrictions Foil Inflation Measures

Apple Prices Soar as Import Restrictions Foil Inflation Measures

SEOUL, Mar. 6 (Korea Bizwire) – Despite the significant increase in fruit and vegetable prices, government interventions to regulate import quantities as a means to manage inflation are not feasible for apples, which have seen substantial price hikes, earning them the nickname “golden apples.” The stringent quarantine system is the primary barrier. According to the Korea [...]

Inflation to Bounce Back to Over 3 Pct in February: Finance Ministry

Inflation to Bounce Back to Over 3 Pct in February: Finance Ministry

SEOUL, Feb. 29 (Korea Bizwire) — Inflation could rise over 3 percent in South Korea in February on high prices of global oil and fresh food items, the finance ministry said Thursday, vowing all-out efforts to curb inflation. In January, consumer prices, a key gauge of inflation, rose 2.8 percent on-year, marking the first fall [...]