SEOUL, April 11 (Korea Bizwire) — The Finance Ministry said Friday that the government will extend the tariff-rate quota system on pork and egg product imports in an effort to stabilize food prices. Starting May 1, emergency tariff quotas will be applied to 10,000 tons of raw pork for processed foods and 4,000 tons of [...]
SEOUL, April 8 (Korea Bizwire) — A wave of tuition increases at South Korean private universities this semester has emerged as a key driver of inflation, with fears mounting that more institutions—particularly public ones—may follow suit in 2026, deepening financial strain on students and households. According to government data, tuition hikes at nearly 70% of [...]
SEOUL, April 3 (Korea Bizwire) — A decade-long analysis by the Korea Economic Research Institute (KERI) has revealed that low-income households in South Korea have borne a disproportionately heavier burden from rising prices, primarily due to steep increases in food and housing costs. The study, released Wednesday, examined consumer-perceived inflation across income brackets from 2014 [...]
SEOUL, March 27 (Korea Bizwire) — With the Earth’s average temperature now 1.5 degrees Celsius higher than pre-industrial levels, climate change is no longer a distant threat but a force reshaping daily life in South Korea and around the world. Wildfires are becoming larger, more frequent, and less predictable. According to Korea’s National Forest Service, the [...]
SEOUL, March 20 (Korea Bizwire) — Around seven out of 10 South Korean households perceive their financial situation having worsened compared to a year ago due to inflation, a poll showed Thursday. According to the survey carried out by the Federation of Korean Industries (FKI) on 1,000 adults nationwide recently, 71.5 percent of respondents said [...]
SEOUL, March 3 (Korea Bizwire) — Once a haven for budget-conscious shoppers and vintage fashion enthusiasts, South Korea’s secondhand clothing markets are now feeling the strain of high inflation and shifting consumer habits. Vendors at Dongmyo Flea Market, one of Seoul’s most famous thrift-shopping destinations, report a sharp drop in sales, with some saying business [...]
SEOUL, Feb. 24 (Korea Bizwire) — With persistent high inflation straining consumer budgets, “off-price” retail (OPR) stores in South Korea are experiencing rapid growth, enticing customers with premium brand clothing at discounts of up to 90%. Originally emerging in early 20th-century America, off-price retail involves purchasing surplus or past-season items directly from brand owners and [...]
SEJONG, Jan. 30 (Korea Bizwire) — South Korea saw sharp price increases in food items last year, with fruits and vegetables making up the majority of the top 10 most inflation-affected goods, according to data from Statistics Korea. Among 458 consumer price index items, Asian pears recorded the steepest price hike, soaring 71.9% in 2024 due [...]
SEOUL, Dec. 17 (Korea Bizwire) – A new analysis of social media data reveals that South Korean consumers are increasingly adopting cost-conscious spending habits, focusing on low-priced and small-packaged products. This shift reflects a growing emphasis on economic efficiency in response to prolonged inflation. Rising Concerns About Inflation According to KPR Digital Communication Research Institute, [...]
SEOUL, Nov. 15 (Korea Bizwire) – In response to ongoing inflation, South Korean consumers are expected to evolve beyond simple cost-cutting measures to adopt more sophisticated “wiser wallets” spending patterns in the coming year, according to a new global consumer trends report. The “2025 Global Consumer Trends Report,” released on November 14 by global data analytics [...]