INFLATION WOES SET TO CONTINUE

입력 2021.12.03 (15:30) 수정 2021.12.03 (16:46)

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[Anchor Lead]

Last month’s inflation rate of 3.7% was the highest in almost ten years. With the prices of oil products already up 35%, cold snaps are also driving up agricultural and livestock product prices. This is adding more burden on ordinary Koreans as the year wraps up.

[Pkg]

Gasoline is priced at 2,225 won per liter at this gas station. This is nearly 30% higher than the average price in Seoul. The government lowered the oil tax by 20% on November 12th, but it made no impact on the price.

[Soundbite] Gas Station Employee(VOICE MODIFIED) : "Privately owned gas stations haven’t lowered their prices, because they couldn’t get rid of gasoline in stock quickly enough."

The national average gasoline price stands at 1,673 won per liter. It’s been three weeks since the oil tax was lowered, but the actual price decrease didn't reach the projected 164 won. Food prices continue to increase as well. Price hikes are especially noticeable in pork, eggs and produce. The soaring prices in oil and food ingredients have also upped the cost of eating out. This restaurant’s signature menu is braised pork and kimchi. The price of pork which used to be about 12,000 won per kilogram rose nearly 30% over the past two months. Driven by the spiking prices of food ingredients, the restaurant owner decided to raise the prices from next year.

[Soundbite] Lee Mi-gyeong(Restaurant Owner) : "Ingredients that used to cost about 300,000 won now cost 500,000 won. I wouldn’t be able to survive without raising the prices."

The problem is that price increases were greater for products that are frequently purchased and take up a large part of households' expenses. It’s not surprising that ordinary Koreans feel that prices have gone up more steeply. The Bank of Korea estimates at this rate this year’s annual consumer price increase rate would surpass the projected target of 2.3%.

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  • INFLATION WOES SET TO CONTINUE
    • 입력 2021-12-03 15:30:04
    • 수정2021-12-03 16:46:44
    News Today
[Anchor Lead]

Last month’s inflation rate of 3.7% was the highest in almost ten years. With the prices of oil products already up 35%, cold snaps are also driving up agricultural and livestock product prices. This is adding more burden on ordinary Koreans as the year wraps up.

[Pkg]

Gasoline is priced at 2,225 won per liter at this gas station. This is nearly 30% higher than the average price in Seoul. The government lowered the oil tax by 20% on November 12th, but it made no impact on the price.

[Soundbite] Gas Station Employee(VOICE MODIFIED) : "Privately owned gas stations haven’t lowered their prices, because they couldn’t get rid of gasoline in stock quickly enough."

The national average gasoline price stands at 1,673 won per liter. It’s been three weeks since the oil tax was lowered, but the actual price decrease didn't reach the projected 164 won. Food prices continue to increase as well. Price hikes are especially noticeable in pork, eggs and produce. The soaring prices in oil and food ingredients have also upped the cost of eating out. This restaurant’s signature menu is braised pork and kimchi. The price of pork which used to be about 12,000 won per kilogram rose nearly 30% over the past two months. Driven by the spiking prices of food ingredients, the restaurant owner decided to raise the prices from next year.

[Soundbite] Lee Mi-gyeong(Restaurant Owner) : "Ingredients that used to cost about 300,000 won now cost 500,000 won. I wouldn’t be able to survive without raising the prices."

The problem is that price increases were greater for products that are frequently purchased and take up a large part of households' expenses. It’s not surprising that ordinary Koreans feel that prices have gone up more steeply. The Bank of Korea estimates at this rate this year’s annual consumer price increase rate would surpass the projected target of 2.3%.

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