SEOUL, Dec. 30 (Korea Bizwire) — South Korea’s consumer prices grew at the fastest pace in more than two decades in 2022, government data showed Friday, as the country felt the pinch of soaring prices of raw materials and energy sources following the Russia-Ukraine war. Consumer prices rose 5.1 percent on-year in 2022, accelerating from [...]
SEOUL, Dec. 9 (Korea Bizwire) — Soup kitchens are struggling with increasing consumer prices and severed financial aid from the private sector due to the current economic downturn. A food kitchen set up near Daegu Station in the southeastern city of Daegu desperately needs help after the cost of food and other merchandise jumped by [...]
SEOUL, Nov. 21 (Korea Bizwire) — South Korea’s nationwide consumer prices rose 5.9 percent on-year in the third quarter of the year due to higher energy and dining-out costs, data showed Monday. The figure marked an expansion from the 5.4 percent on-year growth tallied a quarter earlier, according to the data from Statistics Korea. By [...]
SEOUL, Oct. 20 (Korea Bizwire) — Fresh and processed food sales are on the rise as more people are choosing to dine at home instead of going to a restaurant due to rising consumer prices. Major online shopping mall Gmarket, citing its sales data for the third quarter of this year, said Wednesday that fresh [...]
SEOUL, Oct. 18 (Korea Bizwire) — Artificial intelligence (AI) technology that analyzes new articles related to inflation will be capable of predicting the rising trend of consumer prices in the near future, a central bank report said Monday. The Bank of Korea used an AI language model to measure the “written tone” of news articles [...]
SEOUL, Aug. 22 (Korea Bizwire) — South Korea’s nationwide consumer prices rose at the fastest pace in 24 years in the second quarter of the year on soaring energy and food costs, data showed Monday. The national consumer price index came to 107.54 in the April-June period, up 5.4 percent from a year earlier, according [...]
SEOUL, June 28 (Korea Bizwire) — The average cost of food for four-person households marked near double-digit growth in the first quarter of this year due to the hike in food prices resulting from Russia’s invasion of Ukraine and major countries’ export sanctions on Russia. According to data from Statistics Korea, the monthly cost of [...]
SEOUL, May 15 (Korea Bizwire) — Finance Minister Choo Kyung-ho said Sunday the government will make it a top priority to stabilize rising product prices fueled by the Russia-Ukraine war and other external uncertainties. The government will set up measures for price stabilization through consultations with related ministries as quickly as possible, the finance minister [...]
SEOUL, Jan. 1 (Korea Bizwire) — South Korea’s consumer prices grew at the fastest pace in 10 years in 2021 due to surging energy costs and high prices of farm products, data showed Friday, indicating a build-up in inflationary pressure for Asia’s fourth-largest economy. Consumer prices rose 2.5 percent this year from a year earlier, [...]
SEJONG, Oct. 1 (Korea Bizwire) — South Korea’s headline inflation dropped for the first time in September due to a decline in farm goods and weak demand, the statistics agency said Tuesday, the latest in a series of data backing an additional rate cut for Asia’s fourth-largest economy. South Korea’s consumer prices fell 0.4 percent [...]