Korea’s consumer prices jump 2.2% in July

Korea’s consumer prices have been steadily
logging growth of around two-percent since the turn of the year. For the month of July, prices rose at the
fastest pace in four months. In a bid to cool inflation,… the government
is going to unveil measures to stabilize prices,… especially ahead of one of the biggest national
holidays of the year. Kim Mok-yeon with more. Steady inflation,… with consumer prices
continuing their upward trend in July. Data from Statistics Korea shows the consumer
price index in July went up two-point-two percent on-year,… reaching its highest point
since March, when prices rose by the same margin. The figure is slightly higher than the previous
month’s rate of one-point-nine percent, as rapidly rising fruit and vegetable prices
forced up the overall figure. Agricultural, livestock and fisheries prices
jumped more than eight-and-a-half percent last month, with prices of fresh fruit and
vegetables rising by a whopping 20 and 10 percent respectively. Following up on the release of the figures,…
the government on Tuesday said it will push for strong measures aimed at stabilizing prices. Noting how the cost of living has hit an over
five-year high,… Korea’s finance ministry said it will attempt to cut producer prices
by as much as 50 percent by early next month. The ministry also said it hopes to quell rising
prices before the peak season in October,… when people in Korea celebrate the traditional
thanksgiving holiday Chuseok. It plans to do that by setting up a direct
market place and expanding wholesale market shipments. In the longer-term,… the ministry has vowed
to do what it can to drive down agricultural produce prices. Prices been rising due to a months-long drought
in the spring and frequent floods and heat waves that affected supplies. Kim Mok-yeon, Arirang News.

Stephen Childs

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