Commercial banks are raising interest rates on deposits following the central bank’s rate hike last week.
The Bank of Korea jacked up the base rate by 0.25 percentage points on Friday, putting it back to the pre-pandemic level of 1.25 percent.
Prices of a wide range of consumer goods may continue to rise this year after the rapid increase in commodity prices last year, with the pace at a decade high, and the likelihood that inflation will remain a problem in 2022.
The government will buy 200,000 tons of locally produced rice this year to help stabilize the market price, the ruling party said Tuesday following a meeting with agriculture authorities.
The amount to be release is roughly 3.3 percent of reserves. Released reserves will be supplied to local refiners from January to March, the Ministry of Trade, Industry and Energy said Thursday.
According to Kepco, average fuel costs, including Bunker C, bituminous coal and LNG, between September and November this year was up 61 percent compared to the average between December 2019 and November 2020.
Korea had the fastest rising home prices in the third quarter, according to Knight Frank. The British real estate consultancy said residential real estate prices in the country jumped by 23.9 percent during the July-to-September period compared ...
Bank of Korea Gov. Lee Ju-yeol reaffirmed Thursday that another interest rate increase will come in the first quarter next year, adding that he expects inflationary pressures to continue to strengthen.
All available levers are being pulled to tame inflation, with the authorities fixing prices over which they have direct control and monitoring others for possible intervention.
BHC Chicken is raising prices by an average of 7.8 percent.