In June of this year, Korea's consumer price index rose 6.0% from the same month last year.
This is the highest growth rate in 23 years and 7 months since November 1998 (6.8%) during the foreign exchange crisis.
'Expected inflation', which indicates consumers' future inflation expectations, also hit a 10-year high.
Rising prices are not unique to Korea.
Faced with high inflation for the first time in 40 years, the US CPI in May was 8.6%!
Consumer prices in Europe also rose 8.6% year-on-year in June.
In Argentina, which recorded an inflation rate of 60.7%, violent protests by citizens suffering from hardships continued, and the world, regardless of rich or poor, is suffering from inflation.
The US Federal Reserve raised the key interest rate sharply from 0.25% to 1.75% to catch inflation, but it is unclear whether a rate cut alone will be able to control inflation while supply chain instability caused by the Ukraine war remains.
What is more worrisome is the recession, in which the economy recorded negative growth for the second consecutive quarter.
US Fed Chairman Powell, who had previously denied the possibility of an economic downturn, acknowledged the possibility, and the prospect that the Korean economy will also face a recession is gaining momentum.
Economists in each field that Newsstory met showed little difference in the specific timing and intensity, but generally agreed that a full-fledged recession is highly likely to occur in the Korean economy around next year.
What poses a greater challenge to the Korean economy than inflation and recession is that the global economy is currently facing a fundamental tectonic shift.
The situation of deglobalization and the new Cold War is a huge challenge for the Korean economy, which has made great progress through free trade in the era of globalization.
How should Korea, which has a small domestic market and a high dependence on exports, respond in the face of huge changes in the global economic order?
In this week's SBS News Story, we would like to hear the future direction of our economy in the face of soaring inflation and global economic upheaval through the diagnosis of six economists.