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I thought that prices are going up too much these days, but the reality is the statistics.
Last month, the consumer price index rose by 5%.
This is the highest jump in 13 and a half years since the 2008 financial crisis, and this high price situation is expected to continue throughout this year.
There is also concern that prices will only rise amid the economic downturn
. Correspondent Jo Ki-ho.
<Reporter> This
is a large supermarket in Seoul.
Many people hesitate when they see the price tag on imported beef.
[Seung-ri Lee / Mok-dong, Seoul: In the past, imported beef was much cheaper than Korean beef, so I used it a lot.
.]
Imported beef last month increased by nearly 30% compared to the same month last year.
This is a phenomenon that has occurred as private prices have risen around the world, transportation costs have increased, and the exchange rate has also risen.
Consumer prices rose 4.8% in April, the highest since the 2008 financial crisis in 13 and a half years.
Enlarging an image
Petroleum rose the most at 34%, industrial products rose 7%, and food service prices rose by more than 6%.
Inflation in May is even predicted to exceed 5%.
Imported raw material prices continue to rise due to the Ukraine crisis and the coronavirus lockdown in China, as consumption demand is surging as social distancing is lifted.
[Hong Nam-ki / Deputy Prime Minister of Economy (Yesterday): Inflation pressure is expected to continue for the time being, such as the recent IMF raising the annual price forecasts of major countries.] The
government cuts the price of tap water for small and medium-sized enterprises, etc. and also reduces tariffs on some imported raw materials. It is a policy, but it seems to have limitations.
Moreover, if the Bank of Korea chooses to raise interest rates to catch inflation, economic growth may slow down.