Compared to G7 and Taiwan, fruit and vegetable prices rose the most in South Korea this year

South Korea
Market & Price Trends
Published Apr 22, 2024

Tridge summary

Recent surveys have shown that South Korea is grappling with significant inflation challenges, particularly with the highest increase in fruit and vegetable prices among major developed countries and Taiwan, with fruits seeing a 36.9% price hike and vegetables 10.7%. Additionally, Korea faces the second highest energy inflation rate, primarily due to surging oil and electricity costs. These issues are largely attributed to the country's heavy reliance on imported oil and grains, and its vulnerability to climate change and external shocks like the Middle East crisis. The Bank of Korea Governor Lee Chang-yong has pointed out the disparity between the consumer price increase rate and the core price increase rate, underscoring the substantial impact of food and energy prices on overall inflation. The situation calls for a nuanced approach to monetary policy and possibly structural changes to address food security and energy dependence.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

(Seoul = Yonhap News) Reporter Shin Ho-kyung, Han Ji-hoon, and Min Seon-hee = A survey showed that the prices of fruits and vegetables in Korea rose the most this year compared to major developed countries or Taiwan, which has a similar economic structure. Moreover, the inflation rate of energy products such as gasoline, electricity, and gas rates is also ranked second, and experts are concerned that if the recent Middle East crisis or climate change continues, Korea may become the country with the most difficulty in controlling prices due to its economic structure. In the same context, there are growing voices calling for structural changes, such as the import of agricultural products, from some quarters. ◇ This year’s monthly average headline consumer price is 3%… 3rd out of 10 countries According to Nomura Securities, a global investment bank (IB) on the 22nd, the monthly average consumer price index (CPI) increase rate for the G7 (USA, Japan, UK, Canada, Germany, France, ...
Source: Yna
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