The government and KEPCO raised electricity rates for the fourth quarter, effective from October 1st.

It is the first time in about eight years since November 2013 that electricity prices have risen.

Inflationary pressure is expected to increase along with other utility rates as the electricity rate rises.

The government and KEPCO announced today (23rd) that they set the final fuel cost adjustment unit price for the fourth quarter (October to December) at 0.0 won per kWh.

It was up 3 won from the previous quarter (-3 won) and returned to the same level as last year.

As a result, electricity bills for a four-person household using an average of 350 kWh per month will rise by up to KRW 1,050 each month.