This year's South Korean consumer price index has risen by 5.1%, the highest since the IMF, and food prices are at the highest level in 30 years

Published Dec 30, 2022

Tridge summary

Consumer prices in 2022 saw the largest increase in 24 years, with a 5.1% rise, largely due to increases in livestock, agricultural, and fishery products, as well as industrial products and services. Notably, the cost of eating out surged by 8.2%. However, prices of certain agricultural products and livestock fell. The inflation rate is expected to decrease next year due to a lower demand and a negative base effect, but the rate of decline may be slower than anticipated because of the impact of electricity rate hikes.

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

Original content

This year, consumer prices rose by 5.1%, recording the largest increase in 24 years since the International Monetary Fund (IMF) foreign exchange crisis in 1998. The price index rose 5.1% from a year ago to 107.71 (2020=100). This coincides with the government's forecast (5.1%) announced on the 21st. Consumer price inflation this year was the highest in 24 years since the Asian financial crisis (7.5%). The rate of increase was greater than during the global financial crisis (4.7%) in 2008. The annual consumer price increase rate recorded 4.0% in 2011, 2.2% in 2012, and 1.3% in 2013 and 2014, respectively. Respiratory Syndrome) has maintained the 1% range for three consecutive years since 2015 (0.7%) when the crisis struck. Stayed on the Great Rise. Then, after rising to 2.5% last year, which exceeded the government's price stabilization target (2.0%), the rate of increase increased further this year. Livestock products (6.0%), agricultural products (2.4%), and fishery products ...

Source: Donga