Consumer Price Index has been on the rise since last year in South Korea

Published 2021년 8월 16일

Tridge summary

Consumer prices in Korea are increasing, with concerns about the worst Chuseok holiday prices in history as the cost of living rises. Inflation has affected various food and beverages, including milk, sweets, bread, cheese, butter, and ice cream, due to factors such as heatwaves, African Swine Fever, and a decline in crude oil production. The Ministry of Agriculture, Food and Rural Affairs has requested a price deferral, but the dairy industry is struggling. Meanwhile, the price of gasoline is also rising due to a decline in US oil inventories and a stalemate in the Iran nuclear deal. The situation has led to increased burdens and dissatisfaction among consumers.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Consumer prices, which have been on an upward trend for over a year since the outbreak of COVID-19 last year, are soaring endlessly. The overall cost of living has risen to the extent that it is easy to find items that have not risen. As a result, there are cautious observations that the Chuseok holiday (September 18-22) could be the worst Chuseok price in history as it is about a month away. © News1 The consumer price index, which has been on the rise for over a year since the outbreak of COVID-19 last year, is soaring endlessly. Egg prices, which soared last year due to highly pathogenic avian influenza (AI), still dominate the “golden egg,” and as gasoline prices continue to climb, logistics costs are also skyrocketing. In addition, as African swine fever (ASF) has recently recurred, as well as cows exhausted from heatwaves are stressed, the production of milk has decreased, raising concerns about an increase in the price of milk and sweets made from ...

Source: Donga