Korea’s inflation grew more than 3 percent for the second straight month in March, largely driven by an increase in agricultural products.
Consumer sentiment in the country declined in March after a three-month streak on the back of soaring food prices and depressed private spending.
The government has increased subsidies for green onions and plans to lower tariffs to expand vegetable imports.
Korea's consumer prices rose 3.6 percent on-year in 2023 as the nation continues to grapple with elevated inflationary pressures in 2023, according to data by Statistics Korea.
Korea's inflation grew 3.3 percent in November, down from 5 percent a year earlier. The government has taken various measures to combat inflation.
Pushing inflation to the target rate remains challenging due to uncertainties in the movements of international oil and raw material prices, said the Bank of Korea (BOK) Gov. Rhee Chang-yong on Wednesday.
Customers shop for apples at a supermarket in Seoul on Tuesday. Korea's consumer prices grew 3.3 percent in November from a year earlier, led by agricultural products.
Consumer prices rose for the third consecutive month in October amid volatility in the global oil and agricultural sectors.
Food prices are going up, including even the cheapest fast food options, again weighing down household budgets in spite of growing hopes that prices are stabilizing.
Boxes of pickled napa cabbage are on display in the vegetable aisle at a large supermarket. The consumer price for 20 kilograms (44 pounds) of pickled napa cabbage is around 50,000 won ($37), up 5,000 won from the previous year.
Korea JoongAng Daily Sitemap