Consumer Prices On Rise, Weighing Down Consumption
Faizan Hashmi Published December 18, 2018 | 04:33 PM
South Korea's consumer prices have been on the rise in recent months, which has weighed down domestic consumption, government agencies said.
SEOUL, (UrduPoint / Pakistan Point News - 18th Dec, 2018 ) :South Korea's consumer prices have been on the rise in recent months, which has weighed down domestic consumption, government agencies said.
The development has been cited one of the causes holding back growth in Asia's fourth-largest economy.
Among others, the prices of rice, the staple food in South Korea, and fried chicken, one of the most popular delivery foods, have jumped to record levels, according to the Ministry of Agriculture, Food and Rural Affairs.
Rice prices soared 28 percent to a record high of 193,656 won (US$171) per 80 kilograms in October from 151,013 won a year earlier, the ministry said.
This year, the country's rice production fell 2.6 percent to 3.87 million tons compared with a year earlier. Farmers have delayed shipments of their products on expectations that rice prices could rise, the ministry said.
Consumers now can order fried chicken for about 20,000 won, as local chicken franchises, such as BBQ, have continued to raise product prices.
Prices of vegetables, such as cabbage and spinach, and dairy products, such as milk and eggs, also moved up this year, pulling down consumer sentiment and consumers' disposable income.
In particular, higher milk prices have pushed up the costs of coffee, bread and snacks.
Korea's consumer prices rose two percent for the second-straight month in November from a year earlier on increased utility and service prices. Month-on-month, the index fell 0.7 percent, according to Statistics Korea.
The reading marks the highest since September 2017, when the comparable figure stood at 2.1 percent.
Related Topics
Recent Stories
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
Heavy rains cause damage to Spezand-Taftan railway track
Woman stabbed in Israel, attacker killed: police
More Stories From Business
-
Finance minister reviews progress on FBR digitalization
6 hours ago -
US stocks rebound on tech earnings, London hits new record
6 hours ago -
US approves gene therapy treatment for hemophilia
6 hours ago -
KATI president for inclusion of agri sector in tax net
6 hours ago -
Ahsan chairs 13th CPEC-JCC preparatory meeting, reviews arrangements for high-level delegation’s v ..
8 hours ago -
Police to take every step for security of business community: IGP
8 hours ago
-
WB director, Planning minister discuss reforms in development projects
8 hours ago -
IP rights crucial in achieving SDG : Jam Kamal
9 hours ago -
FBR’s data protection efforts commended by OECD assessment team
9 hours ago -
US stocks rebound on tech earnings, London hits new record
10 hours ago -
SECP-IFSB workshop highlights Pakistan's progress in Islamic Finance Development
10 hours ago -
SBP to announce monetary policy on April 29
10 hours ago