30/05/2022
📰451 Social
⊙Citizens Are Suffering From Price Rise
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When going out, people will be able to feel that the cost of various things has risen sharply compared to before. Consumer prices, which have recently risen sharply, are burdening citizens. The World Bank says soaring food and energy prices will continue for more than three years, bringing a crisis to households.
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According to a report by Statistics Korea on April 29th, 2022, Korea’s consumer prices rose 4.8 percent in April compared to the same month last year. The global pandemic of COVID-19 has shrunk the economy and caused prices to rise. Also, the war between Russia and Ukraine has affected inflation. As a result, prices of food materials, including cooking oil and flour, and energy resources have risen significantly.
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The living price index, considered a feeling price, exceeded the inflation rate. It means that the price of items that consumers feel has risen more than the pace of inflation. Firstly, the prices of food have increased highly. Secondly, the prices of fuel have also increased. In addition, consumers also felt discomfort with the price rise in terms of leisure.
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