SEOUL, Jul. 9 (Korea Bizwire) — The chief of the South Korean central bank said Tuesday the country is expected to see a gradual easing of inflation, while market volatility has grown amid high interest rates and political uncertainties in major nations. Bank of Korea (BOK) Gov. Rhee Chang-yong made the assessment during a parliamentary [...]
SEOUL, Jul. 2 (Korea Bizwire) — South Korea’s consumer prices slowed to an 11-month low in June, though prices of fresh food items and petroleum products remained high, data showed Tuesday. Consumer prices, a key gauge of inflation, rose 2.4 percent on-year last month, compared with a 2.7 percent on-year rise a month earlier, according [...]
SEOUL, Jul. 1 (Korea Bizwire) – With the summer vacation season approaching, many South Koreans are finding themselves priced out of their usual holiday plans, opting instead for “staycations” or scaled-back trips due to persistent inflation and high interest rates. Lee, a 29-year-old office worker in Seoul who asked to be identified only by their surname, [...]
SEOUL, June 17 (Korea Bizwire) – The government will extend the tax cut on fuel for automobiles by an additional two months but lower the cap for the reduction in consideration of global oil prices, inflation and the dwindling tax revenue, the finance ministry said Monday. South Korea has applied a 25 percent discount on [...]
SEOUL, Jun. 12 (Korea Bizwire) — South Korea’s chief central banker on Wednesday emphasized the importance of a timely shift toward a monetary easing policy as inflation in Asia’s fourth-largest economy still runs high. In a speech to celebrate the 74th anniversary of the central bank’s establishment, Bank of Korea Gov. Rhee Chang-yong said inflation [...]
HANOI, Jun. 7 (Korea Bizwire) – As soaring prices and the weakening South Korean won make living costs increasingly untenable, Vietnamese workers in the country are tightening their belts, cutting back on grocery and remittance expenses to make ends meet, according to Vietnamese media reports. Nguyen Phuc Thien, 28, who has worked at a container flooring [...]
SEOUL, May 24 (Korea Bizwire) — The finance ministry on Friday warned of uncertainties regarding inflation and vowed preemptive steps by extending tariff quota reduction on imports of agricultural products and boosting government reserves. “Prices of farm produce and petroleum products have fallen recently, but uncertainties remain high over the geopolitical situation in the Middle [...]
SEOUL, May 10 (Korea Bizwire) — First Vice Finance Minister Kim Byoung-hwan on Friday pledged to make all-out efforts to tame inflation, particularly in food prices, by announcing a plan to release reserves of agricultural products and utilize the tariff rate quota system. “The government plans to spare no effort to stabilize inflation, a key [...]
SEOUL, May 8 (Korea Bizwire) — With President Yoon Suk Yeol set to begin his third year in office, South Korea has presented sluggish economic growth amid stubborn inflation unseen in decades, experts said Wednesday, calling for a clear, detailed policy mix to spur growth while maintaining its restrictive fiscal stance and structural reforms. Growth [...]
SEOUL, May 2 (Korea Bizwire) — South Korea’s inflation rose 2.9 percent in April on-year, marking the first time in three months that the index fell below 3 percent, data showed Thursday. Consumer prices, a key gauge of inflation, fell 0.2 percentage point last month from the reading in March, according to the data from [...]