INFLATION Archives | Be Korea-savvy
South Korea Seeks Strategies to Enhance Fruit Industry Competitiveness, Addressing Inflation Challenges

South Korea Seeks Strategies to Enhance Fruit Industry Competitiveness, Addressing Inflation Challenges

SEOUL, March 25 (Korea Bizwire) – Finance Minister Choi Sang-mok said Monday that the government will devise measures to boost the competitiveness of the farming industry and revamp its logistics structure as surging prices of fruits and fresh food items have pushed up inflation. Choi announced the plan during a visit to a major discount [...]

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 [...]

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 [...]

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 [...]

Consumer Sentiment up for 3rd Month in February amid Moderating Inflation, Export Recovery

Consumer Sentiment up for 3rd Month in February amid Moderating Inflation, Export Recovery

SEOUL, Feb. 20 (Korea Bizwire) — South Korea’s consumer sentiment rose for a third consecutive month in February amid moderating inflation, a recovery in exports and hopes for an end to the Federal Reserve’s rate hikes, a central bank poll showed Tuesday. The composite consumer sentiment index stood at 101.9 in February, up from 101.6 [...]

Budget Coffee Chains See Sales Soar as High Inflation Lingers

Budget Coffee Chains See Sales Soar as High Inflation Lingers

SEOUL, Feb. 15 (Korea Bizwire) – In an era marked by high inflation, consumers are increasingly seeking value for their money, leading to a significant surge in sales for budget coffee franchises last year. According to NH Nonghyup Card, these affordable coffee chains, including Mega Coffee, Paik Dabang, Compose Coffee, and Mammoth Coffee, witnessed a 37% [...]

Thriving Resale Market Heats Up Amid High Inflation and Interest Rates

Thriving Resale Market Heats Up Amid High Inflation and Interest Rates

SEOUL, Feb. 5 (Korea Bizwire) – As consumers grapple with rising inflation and interest rates leading to a domestic slowdown, the recommerce market, involving the resale of used items and collectible goods like luxury and limited edition products, is gaining momentum.  Estimates suggest that the domestic recommerce market has recently surpassed a value of 30 trillion [...]