US EditionConsumers Get Cooked on Food Prices with Sharpest Rise in a Year in July
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[Digital Daily Reporter Choi Gyu-ri] Food prices rose by the most in a year last month, increasing the financial burden on ordinary households. According to Statistics Korea's National Statistical Information Service (KOSIS) on the 11th, the food and non-alcoholic beverage price index in July rose 3.5% year-on-year to 125.75 (2020 = 100). This figure significantly exceeds the overall consumer price index (2.1%) and marks the highest since July o…
Consumers get cooked on food prices with sharpest rise in a year in July
Food prices in Korea saw the sharpest rise in a year last month, with the 3.5 percent hike adding to household cost pressures despite overall inflation remaining in the 2 percent range, the Bank of Korea’s key benchmark for monetary policy decisions.
With the rise in subway fares in the metropolitan area, public service prices have also risen sharply, making life difficult for ordinary people. Food prices rose the most in a year last month, increasing the burden on ordinary people. The consumer price index is still at the Bank of Korea's target of 2%.
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