The consumer price index rose nearly 5% last month compared to a year ago. It was the highest jump since October 2008, during the financial crisis. Gasoline, food, and various service rates have not gone up until utility rates, and this situation is expected to continue throughout this year.
Correspondent Jo Ki-ho.
It is a large supermarket in Seoul.
Many people hesitate when they see the price tag on imported beef.
[이승리/서울 양천구 : 예전에는 수입산 쇠고기가 한우보다 훨씬 저렴해서 많이 이용을 했었는데요, 요새는 가격이 많이 올라서 한우와 차이가 많이 나지 않는 것 같아서….]
Imported beef last month increased by nearly 30% compared to the same month last year.
This is a phenomenon that occurred as feed prices rose around the world, transportation costs increased, and the exchange rate jumped.
Consumer prices rose 4.8% in April, the highest since the 2008 financial crisis in 13 and a half years.
Petroleum rose the most at 34%, industrial products rose 7%, and food service prices rose by more than 6%.
[어운선/통계청 경제동향통계심의관 : 석유류 가공식품 등 공업제품과 개인 서비스 가격이 높은 오름세를 지속한 가운데 전기·가스·수도 가격도 확대되면서 전년 동월에 비해 4.8% 상승한 것으로 나타났습니다.]
There is even a forecast that inflation in May will exceed 5%.
The price of imported raw materials continues to rise due to the Ukraine crisis and the coronavirus lockdown in China, but consumption demand is surging as the distance is lifted.
[홍남기/경제부총리 : 최근 IMF가 주요국의 연간 물가 전망을 상향 조정하는 등 당분간 물가 상승 압력이 지속될 것으로 예상됩니다.]
The government plans to cut the price of tap water for small and medium-sized businesses and reduce tariffs on some imported raw materials, but there seems to be a limit.
Moreover, if the Bank of Korea chooses to raise interest rates to catch inflation, economic growth may slow down.
(Video coverage: Park Young-il, Kim Min-cheol, video editing: Kim Ho-jin)