SEOUL, Oct. 22 (Korea Bizwire) — South Korea plans to temporarily cut fuel taxes in a bid to ease upward pressure on inflation amid surging oil prices, a senior government official said Friday. First Vice Finance Minister Lee Eog-weon also said the government plans to additionally cut import tariffs on liquid natural gas (LNG), currently [...]
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 [...]
SEOUL, May 25 (Korea Bizwire) — Prices of daily necessities in South Korea are going up following increased food and eating-out costs, adding to the country’s overall inflation, sources said Friday. According to the sources from the convenience store sector, tissue and battery makers have recently decided to jack up prices by up to 10 [...]
SEJONG, Apr. 30 (Korea Bizwire) — Nonregular workers in South Korea have seen their wages rise nearly 30 percent over the past decade, but the increase has almost been offset by inflation, data showed Sunday. The gross monthly wages of temporary workers in Asia’s fourth-largest economy stood at 1.51 million won (US$1,410) as of the [...]
SEOUL, Dec. 12 (Korea Bizwire) — A growing number of South Koreans are expressing concern over the soaring cost of living in their country. According to the Worldwide Cost of Living Report 2017 from the Economist Intelligence Unit, the inflation rate in South Korea was highest among the 133 countries surveyed, while it was also [...]
SEOUL, May 11 (Korea Bizwire) – South Korean food makers are likely to refrain from jacking up their prices following the inauguration of the new government, leading to a let-up in the recent uptrend, analysts said Thursday. The upbeat prediction comes as the Moon Jae-in government is widely predicted to rein in rising food prices [...]
SEJONG, Feb. 2 (Korea Bizwire) – South Korea’s consumer prices rose at the fastest clip in more than four years in January on a sharp rise in food prices, government data showed Thursday. The country’s consumer price index gained 2 percent last month from a year earlier, accelerating from the previous month’s 1.3 percent rise, [...]
SEOUL, Jan. 9 (Korea Bizwire) – Prices are soaring despite a prolonged economic downturn, and the term “stagflation” is now being bandied about to describe the potential future of the South Korean economy. According to Statistics Korea, the consumer price index last month was up 1.3 percent from the year prior. The index, which remained [...]
SEOUL, May 20 (Korea Bizwire) – Seoul’s 10-million population mark is on the verge of collapsing due to a continued exodus. Higher inflation rates and a sustained decline in employment rates are driving people to leave the capital. According to Statistics Korea, a total of 23,885 people left Seoul in the first quarter of this [...]
SEJONG, Dec. 1 (Korea Bizwire) – South Korea’s consumer inflation inched up to a one-year high in November as a drop in oil prices slowed, a government report showed Tuesday, a positive development for Asia’s fourth-largest economy struggling to shake off deflation concerns. The country’s consumer price index gained 1 percent last month from [...]