INFLATION Archives | Be Korea-savvy
S. Korea to Release Vegetable, Salt Reserves amid Price Hikes

S. Korea to Release Vegetable, Salt Reserves amid Price Hikes

SEOUL, Oct. 29 (Korea Bizwire) — South Korea plans to release its stockpile of vegetables and salt to cope with the lingering inflation for the annual kimchi-making period ahead of winter, the government said Friday. Under the plan, South Korea will release 5,000 tons of garlic, 1.4 tons of peppers and 3.6 tons of onions [...]

Consumption Polarization Still Rampant Despite High Inflation

Consumption Polarization Still Rampant Despite High Inflation

SEOUL, July 20 (Korea Bizwire) — Despite soaring consumer prices, exchange rates and interest rates, the polarization of consumption is becoming more severe than ever. Even Koreans in their 20s and 30s are choosing to stay at home rather than go on a holiday this summer. A 30-year-old office worker surnamed Jeong wanted to go [...]

Near-expired or Refurbished Products Gain Popularity amid High Inflation

Near-expired or Refurbished Products Gain Popularity amid High Inflation

SEOUL, July 19 (Korea Bizwire) — As disposable income declines day after day, South Korean consumers are turning their eyes towards cheap refurbished products or near-expired products that are available at significantly discounted prices. Lotte Home Shopping Inc., a shopping unit of retail conglomerate Lotte, saw the average daily order volume of refurbished products rise [...]

Yoon Calls for Protecting Ordinary Citizens from High Inflation, Interest Rates

Yoon Calls for Protecting Ordinary Citizens from High Inflation, Interest Rates

SEOUL, July 14 (Korea Bizwire) — President Yoon Suk-yeol instructed officials Thursday to find ways to protect ordinary citizens from the financial pressures of high inflation and high interest rates. Yoon made the remark a day after the Bank of Korea delivered an unprecedented 0.5 percentage-point rate hike in a preemptive bid to fight fast-growing [...]

Young South Koreans Struggle with Inflation

Young South Koreans Struggle with Inflation

SEOUL, July 1 (Korea Bizwire) — Amid soaring prices, Koreans are buying lunchboxes at convenience stores or making their own lunches to save money as a so-called ‘lunchflation’ phenomenon takes hold. “I can save 3,000 to 5,000 won (US$2.31-3.85) each time I make a lunchbox,” said a 28-year-old office worker surnamed Shin. “I’m worried that [...]

Finance Chief Calls for Corporate Restraints on ‘Excessive’ Wage Increase amid Inflation Woes

Finance Chief Calls for Corporate Restraints on ‘Excessive’ Wage Increase amid Inflation Woes

SEOUL, June 28 (Korea Bizwire) — Finance Minister Choo Kyung-ho asked companies Tuesday to refrain from excessively raising wages for employees as the move could further accelerate inflation. Choo made the request during a meeting with members of the Korea Enterprises Federation (KEF), including Sohn Kyung-shik, federation chief and CJ Group chairman, and Rhee In-yong, [...]