S. Korea's Consumer Price Index up 3.7% y/y in Nov., biggest jump in nearly 10 years
Updated: 2021-12-02 17:15:39 KST
Consumer prices are up againand this time they're up by 3.7 percent on-year. It's the biggest jump in nine years and 11 months.
Prices have seen on-year rises of more than two percent since April.
And for the second time this year, the figure has topped three percent, following a 3.2 percent gain in October.
"Consumer prices continued to rise in the three-percent range for the second consecutive month. This comes as prices of personal services and industrial goods, such as petroleum products and processed foods, continue to tick up. Also, agricultural goods are up again, with vegetable prices rising."
"Consumers are definitely feeling the pinch from rising prices.
The prices of cucumber and lettuce saw significant jumps following a sharp drop in temperatures, while eggs and pork were also up almost 33 percent and 14 percent, respectively."
These hikes are not only affecting grocery shoppers, but also those eating out.
Fast food restaurants, such as burger and chicken chains, are raising their prices.
Starting this month, Lotteria raised its prices by an average of 4.1 percent.. with one of its more popular menu items the "Bulgogi Burger" meal now costing 6,200 Korean Won up from 5,900.
Last month, Kyochon Chicken also increased its prices by 8.1 percent its first rise in seven years.
Its most popular menu item, "Honey Combo Chicken", now costs 20-thousand Korean Won.
"Rising prices of various raw materials, such as oil and grains, are driving up production costs and companies are likely to pass on that burden to consumers. So, the price hikes in food and services that people can easily feel are intensifying."
Food costs aren't the only price hikes that are hurting consumers across the country.
Gasoline, diesel and LPG are all up by more than 33 percent on-year due to rising oil prices.
Last month, the government temporarily cut fuel taxes by 20 percent for six months in a bid to ease the burden on consumers.
But, the effects have not yet been fully reflected at the pumps.
Finance Minister Hong Nam-ki expects inflation to slow in December as global oil prices are likely to stabilize and the impact of fuel tax cuts will help drive down inflationary pressure.
Min Suk-hyen, Arirang News.