Kim Chi South Koreans suffering Hyperinflation until consumers pay bills with their hands shaking! Worsening yr by yr!

democracy my butt · Sep 2, 2018

https://www.reuters.com/article/us-...-as-fresh-food-prices-soar-idUSKCN1BC3DH?il=0

Business News
September 1, 2017 / 8:26 AM / a year ago
South Korea inflation hits five-year high in August as fresh food prices soar

2 Min Read

SEOUL (Reuters) - South Korea’s annual inflation surged in August to its highest in more than five years as heavy rain and a summer heatwave pushed up the price of fresh foods, government data showed on Friday.

A fish dealer waits for customers at a fishery market in central Seoul September 13, 2013. REUTERS/Lee Jae-Won
The consumer price index rose 2.6 percent in August from a year earlier, Statistics Korea said, accelerating from a 2.2 percent rise in July, and marking its fastest rise since April 2012 when the index also gained 2.6 percent on-year.
Related Coverage

South Korea exports to U.S., EU and China gain in August

It compared to a 2.2 percent rise tipped in a Reuters survey of analysts’ expectations.
“Seasonal factors such as the heatwave, as well as the incident related to contaminated eggs across the country lifted up fresh food prices,” said Kim Doo-un, an economist at Hana Financial Investment.
Kim said the sudden surge in prices was not from an increase in domestic demand, adding that he saw consumer prices remaining volatile through the October shopping season when South Koreans celebrate the national Chuseok holiday.

The price of eggs soared 53.3 percent in August on-year after eggs from some local farms were found to be contaminated with a potentially harmful pesticide.
The price of radish and tomatoes surged 71.4 percent and 45.3 percent respectively, pushing up the overall price gains of fresh food costs to 18.3 percent on-year.
In monthly terms, inflation gained 0.6 percent from July.

Core inflation, which strips out volatile food and fuel prices, was 1.8 percent in August, unchanged from July.
Inflation this year has lingered near the Bank of Korea’s inflation target of 2 percent as private consumption has improved.
Revised second quarter gross domestic product growth data issued released earlier on Friday showed the economy expanded 0.6 percent from a quarter earlier versus 1.1 percent growth in the first quarter.

Reporting by Cynthia Kim and Christine Kim; Additional reporting by Dahee Kim; Editing by Eric Meijer
Our Standards:The Thomson Reuters Trust Principles.

https://digital.library.unt.edu/ark:/67531/metadc503954/

Some Causes of Inflation in Korea

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The purpose of this study is to find causes of inflation in Korea. We hypothesized that inflation in Korea was a "mixed" inflation generated by not only monetary factors but also nonmonetary factors. The data was obtained mainly from International Finance Statistics (IMF) and Monthly Bulletin (The Bank of Korea). The first chapter introduces the Korean economy. Chapter two surveyed the effects of import prices, wages, and money supply in inflationary process. The third chapter studied some theoretical backgrounds of inflation. Chapter four analyzed the results of statistical tests. Finally, chapter five consisted of summary and policy implications.

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v, 63 leaves : ill.
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Lee, Ihn Shik August 1985.
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This thesis is part of the collection entitled: UNT Theses and Dissertations and was provided by UNT Libraries to Digital Library, a digital repository hosted by the UNT Libraries. It has been viewed 516 times , with 36 in the last month . More information about this thesis can be viewed below.

https://www.straitstimes.com/busine...lation-rises-at-fastest-pace-in-almost-a-year

South Korean inflation rises at fastest pace in almost a year

The consumer price index in South Korea rose 0.9 per cent in October from a year earlier, Statistics Korea said on Tuesday (Nov 3).PHOTO: BLOOMBERG
Published
Nov 3, 2015, 8:07 am SGT
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SEOUL (BLOOMBERG) - Inflation in South Korea unexpectedly increased at the fastest pace in almost a year as domestic consumption and industrial production improved.
The price gains help back the government's assessment that the economy is in a "turn-around" from the effects of an outbreak of a respiratory illness earlier this year that scared away shoppers and foreign tourists.
The consumer price index rose 0.9 per cent in October from a year earlier, after a 0.6 per cent advance in September, Statistics Korea said on Tuesday (Nov 3). That was the strongest number since November last year and beat the median estimate of 0.7 per cent in a Bloomberg survey. The price gauge was unchanged from a month earlier.
"Improving private consumption is the main driver for the economy and accelerating price gains," LG Economic Research Institute economist Shin Min Young said before the data was released. "By next year, South Korean inflation should well be above 1 per cent."
Asia's fourth-largest economy expanded 1.2 per cent in the three months through September. That was the fastest pace since 2010 and significant improvement from 0.3 per cent in the previous quarter.
Despite the pickup in prices in October, inflation is still well below the central bank's target of 2.5 per cent to 3.5 per cent, and has been since late 2012.

The Bank of Korea is talking with the government about a revised target, to start in 2016, with economists surveyed by Bloomberg projecting the midpoint to be revised to 2.5 per cent from the current 3 per cent.
The central bank in October cut its estimates for inflation this year and next and left the benchmark interest rate unchanged at a record low 1.5 per cent.

democracy my butt · Sep 2, 2018

https://www.inflation.eu/inflation-...oric-inflation/cpi-inflation-south-korea.aspx

Current inflation

Historic inflation

Information sources

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Historic inflation South Korea - CPI inflation

Historic inflation South Korea (CPI) - This page features an overview of the historic South Korean inflation: CPI South Korea. The inflation rate is based upon the consumer price index (CPI). Two overviews are being presented:

the annual inflation by year for South Korea - comparing the december CPI to the december CPI of the year before and
the average inflation by year for South Korea - the average of 12 monthly inflation rates of a calendar year

In case you click on CPI South Korea plus year in the inflation table, you will be directed to a page showing the historic inflation rates of that specific year in South Korea. Using the tabs you can switch between the historic CPI inflation overview and the historic HICP inflation overview. When you are interested in the current inflation in South Korea (CPI), click here. In case you are interested in an overview of the current inflation by country (CPI), click here.

inflation - CPI

Chart – historic CPI inflation South Korea (yearly basis) – full term

Table – historic inflation South Korea (CPI) – by year

annual inflation (dec vs. dec)

inflation

annual inflation (dec vs. dec)

inflation

1.46 %

3.61 %

1.34 %

2.09 %

1.13 %

2.62 %

0.83 %

3.04 %

1.14 %

3.42 %

1.43 %

3.73 %

4.16 %

3.16 %

3.03 %

2.78 %

2.80 %

1.35 %

4.14 %

3.97 %

中時電子報

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譚淑珍
2018年9月2日上午5:50

工商時報【譚淑珍】
因物價飛漲，首爾計程車司機多在家吃飯、男仕開始自己理頭髮、家庭主婦買菜時間愈來愈長。而物價飛漲是因工資漲，因工資漲造成的物價飛漲，又導致房租跟著漲，結果是萬物齊漲，小老百姓付帳的手在顫抖...。
當台灣為穩物價而召開穩定物價小組會議，並決定凍漲天然氣、桶裝瓦斯之際，韓國首都圈的小老姓們則是看著飛漲的物價不斷的發出呻吟聲...。
「手都會顫抖...，」63歲的韓先生，6年前退休後在首爾開計程車維生，從今年7月開始寧可錯過午餐時間，也不要在外面用餐，這是因為他經常光顧的食堂，7月開始菜單上的套餐都漲了1,000韓元（約新台幣27元）。
外食族伙食開銷增
「1,000韓元，雖然不是大錢，但是，像我這樣的小老百姓，想到每天要多付1,000韓元在飯錢上，付帳的手都會顫抖...。」他說，像他一樣為了糊口飯吃、討生活而開計程車的人，現在愈來愈少外食，如果可以都會在家吃飯了。
飯錢漲，連理髮也都變貴了。51歲的朴先生總是刷信用卡理髮，因此沒有注意價格，7月底收到帳單，他嚇了一大跳，因為帳單上印著理髮費的數字是「21,000韓元」（約新台幣575元），而6月時才18,000韓元（約新台幣493元）。
想到之前就已經漲過3千韓元，這次又再漲了3千韓元，再想到每個月都要理一次髮，韓先生在心裡盤算著：「以後是不是該考慮自己理髮好了？」
當愈來愈多的人在家裡用膳、縮減消費時，家庭主婦卻花了更多的時間在大賣場、超市裡，因為韓國的婆媽們看到白菜漲了55％、蘿蔔5％、瓶裝水8％，可樂5％...令人吃驚的商品價格時，如果不想付出更多的錢，就只能邊呻吟、邊用更多的時間找是不是還有便宜的商品。
蘿蔔、白菜漲價，是因為天候問題，因為天熱造成農作物欠收，價格自然上漲，但是冷凍、加工食品、零食類也統統漲，卻是因為韓國三大流通、食品公司－CJ、LOTTE與現代都提高了商品價格的原因，價格漲幅為7％至56％不等。
店家漲價也無可奈何
據韓國消費者協會的統計，首爾市一碗冷麵價格（含稅）從去年6月的平均價格7,962韓元上漲為8,808韓元，漲幅10.6％，理髮的平均價格則為15,769韓元，比去年多了1,000韓元。然而，依據統計，雖然價格上漲了，商家的銷量卻並沒有因此提升，反而平均每月掉了5％的生意。
其實，店家也都知道價格上漲了，可能會讓客人不上門，或是減少消費，但是，「除了漲價，別無他法」是首爾小商家們的無奈處境，首爾市沙林洞一家湯飯店，將菜單上的所有湯飯都漲了1,000韓元，「開業10年來，這是第一次漲價，」湯飯店老闆強調，「如果不是沒有辦法，也不會想要漲價。」因為如果不漲價，他們無力承擔人事成本。
也就是說，商家漲飯費、商品價格上揚是因韓國政府去年將基本時薪調升16％後達到7,530韓元，就讓韓國眾多小商家、中企業叫苦，就業機會與實質收入不但並未因此增加，反而造成物價漲價，否則難以因應工資調升16％成本。
而物價飛漲，又導致房東也以漲房租因應，結果是萬物齊漲，明年時薪又將調升至8,350韓元，在首都圈討生活的小老百姓，恐怕是顫抖到連呻吟聲都要發不出了...。
更多追蹤報導
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＿＿＿＿＿＿＿＿＿＿＿＿＿＿

The hand that pays the bill is shaking

Zhongshi News

Tan Shuzhen
September 1, 2018

Business Times [谭淑珍]
Due to soaring prices, Seoul taxi drivers mostly eat at home, men start to manage their own hair, and housewives buy food for longer and longer. The skyrocketing prices are due to rising wages. The soaring prices caused by rising wages have led to a rise in rents. As a result, everything has risen and the hands of the small people are shaking.
When Taiwan held a stable price group meeting to stabilize prices and decided to freeze natural gas and barrels of gas, the young people in the Korean capital circle watched the soaring prices constantly screaming...
"The hand will tremble..." Mr. Han, 63, retired after driving in Seoul six years ago. He has missed lunch time and refused to eat outside since July this year because he frequents it. In the cafeteria, the menu on the menu starting in July has risen by 1,000 won (about NT$27).
Foreign food expenses increase
"1,000 won, although not big money, but a small people like me think that I have to pay an extra 1,000 won a day for the meal, and the hand that pays the bill will tremble..." He said, like him to eat for a meal. People who want to live and drive a taxi are now eating less and more, if they can eat at home.
The meal has gone up, and even the haircut has become more expensive. The 51-year-old Mr. Park always brushed his credit card, so he didn’t pay attention to the price. He received a bill at the end of July. He was shocked because the number of haircuts printed on the bill was “21,000 won” (about NT$575). Yuan), and only 18,000 won in June (about NT$493).
I thought I had already risen by 3,000 won before I thought of it. This time I went up another 3,000 won. I want to make a hair every month. Mr. Han is thinking in his heart: "Is it necessary to consider taking a haircut in the future?"
When more and more people are eating at home and reducing consumption, housewives spend more time in hypermarkets and supermarkets because Korean moms and mothers see that cabbage rises by 55% and radishes by 5%. Bottled water 8%, cola 5%... If you don't want to pay more money, you can only spend more time looking for cheap goods.
The price increase of radish and cabbage is due to weather problems. Because of the shortage of crops caused by the heat of the day, the price naturally rises, but the frozen, processed foods and snacks all rise, but it is because the three major circulation and food companies in Korea - CJ, LOTTE and Hyundai has raised the price of commodities, with prices ranging from 7% to 56%.
The store’s price increase is also helpless.
According to the statistics of the Korea Consumers Association, the price of a bowl of cold noodles (including tax) in Seoul rose from 8,962 won in June last year to 8,808 won, or 10.6%, and the average price of haircuts was 15,769 won, more than last year. 1,000 won. However, according to statistics, although the price has risen, the sales volume of the merchants has not increased, but on average, the business has lost 5% per month.
In fact, the store also knows that the price has risen, which may cause the guests not to go to the door or reduce consumption. However, "except for the price increase, there is no other way" is the helpless situation of Seoul small businesses, a soup in Shalindong, Seoul. The restaurant has raised all the soup rice on the menu by 1,000 won. "This is the first price increase since the opening of the company for 10 years," the soup restaurant owner stressed. "If there is no way, I will not want to raise the price." If they do not raise prices, they cannot afford personnel costs.
That is to say, the rise in the price of goods and the rise in the price of goods by the Korean government is due to the fact that the Korean government raised the basic hourly salary by 16% last year and reached 7,530 won. This has caused many small businesses and Chinese companies in South Korea to complain, and employment opportunities and real income have not been Increase, but cause price increases, otherwise it is difficult to raise the cost by 16%.
The skyrocketing prices have caused the landlord to increase rents. As a result, everything will rise, and next year’s hourly wage will be raised to 8,350 won. The small people who are living in the capital circle may be trembling and unable to make a sound. Up...
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Kim Chi South Koreans suffering Hyperinflation until consumers pay bills with their hands shaking! Worsening yr by yr!

democracy my butt

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democracy my butt

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