60% of Koreans say inflation control should be top priority to improve livelihoods

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60% of Koreans say inflation control should be top priority to improve livelihoods

Published: 20 May. 2025, 14:34 Updated: 21 May. 2025, 14:07

Audio report: written by reporters, read by AI

A shopper looks at items stocked at a supermarket in Seoul on May 20. [NEWS1]

Six out of 10 Koreans believe stabilizing prices should be the government’s top priority to improve livelihoods, according to a survey released Tuesday by the Federation of Korean Industries (FKI).

The institute commissioned polling firm Mono Research to conduct the survey on 1,000 Koreans nationwide. Of the respondents, 60.9 percent said price stability was the most urgent issue the government should address.

Quality job creation followed at 17.6 percent, then housing stability at 9.5 percent and regional economic revitalization at 7.8 percent.

Across all age groups, respondents selected inflation control as the number one priority: 57.2 percent of those in their 20s or younger, 56.3 percent of those in their 30s, 63.5 percent of those in their 40s and 64.9 percent of those in their 50s.

However, the second-most pressing issue varied by age. Among respondents in their 20s or younger, 23 percent pointed to quality job creation, while 19.3 percent of those in their 50s cited the same issue. Respondents in their 30s were split between job creation and housing stability, each at 16.9 percent.

“These responses reflect life stage-related concerns — such as job seekers in their 20s and 50s or homebuyers in their 30s,” the FKI said.

When asked about the biggest challenge facing household economies, 53.5 percent of respondents cited rising prices and the burden of living expenses. Employment instability and job scarcity were a distant second at 11.3 percent, followed by rising housing costs and rent burdens at 10 percent each.

The FKI noted that although headline inflation has slowed to just above 2 percent in recent months, many Koreans still feel that prices remain high.

Based on 2020 consumer price index figures, the index rose from 100 points in 2020 to 116.38 points in April this year — a 16.4 percent increase over four years.

A customer bags spinach at a supermarket in Seoul on May 20. [NEWS1]

To control inflation, 35.9 percent of respondents said the government should focus on stabilizing prices for agricultural and livestock products as well as daily necessities.

Other proposed solutions included reducing the burden of public utility bills, with 21.8 percent of respondents, easing foreign exchange volatility and import prices, at 17.2 percent, and lowering taxes while expanding living cost support, with 17.1 percent.

For job creation, 31.9 percent called for tailored employment support programs for youth, women and seniors.

On housing policy, the most popular response — at 36.3 percent — was expanding housing supply and stabilizing the real estate market.

“In a time of growing financial pressure on households, the government should diversify import sources for agricultural products and reform the retail system to stabilize prices for food and essential goods,”said Lee Sang-ho, head of FKI’s economic and industrial division.

"At the same time, it needs to strengthen the private sector’s capacity to create jobs and improve household incomes.”

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY NOH YU-RIM [[email protected]]