A government fails if it cannot solve inflation no matter how well it does in other areas.
With housing prices in Seoul rising ever-upward, Bank of Korea Gov. Rhee Chang-yong urged against overly optimistic rate-cut speculation.
The chief of the Korean central bank said Tuesday the country is expected to see a gradual easing of inflation, while market volatility grows amid high interest rates and political uncertainties in major nations.
The Ministry of Agriculture, Food and Rural Affairs asked the food service industry to join plan to suppress increasing inflation in a meeting at the Sejong government complex the same day.
The consumer price index, a key measure of inflation, rose 2.4 percent on-year last month, according to data by Statistics Korea released Tuesday.
Despite the on-year increase in egg production this year, the average price of a tray containing 30 eggs rose 6.1 percent to 6,696 won ($4.82) as of Monday from the same period last year.
Bank of Korea Gov. Rhee Chang-yong called for reforms to tackle the lofty cost of living, driven by inflation in food products and clothing.
The import price index fell 1.4 percent on month in May, and 4.6 percent on year.
The cost of eating out increased 2.8 percent on year in May, outpacing the consumer price growth rate of 2.7 percent,
Korea’s inflation edged down in May, remaining in the 2 percent range for the second consecutive month.
Korea JoongAng Daily Sitemap