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Concerns over consumer price hikes

Posted July. 31, 2000 20:55,   


Amidst steadily rising consumer prices for July, concerns about price hikes are mounting.

Despite somewhat slower gains than last month, prices of daily commodities rose once again, putting a severe dent in working-class family budgets.

According to a report on price trends in July released by the Ministry of Finance and Economy Monday, consumer prices rose by 0.3% from a month before and 2.9% from one year ago.

The rising consumer prices were primarily due to hikes in inter-city bus fares in Seoul and Busan, coupled with soaring costs of agro-fishery and livestock products in the aftermath of extremely high temperature and heavy rainfalls.

By category, public fares were up 1.3% from a month ago as a result of bus fare hikes, agro-fishery and livestock products rose 0.7% and house rent jumped 0.2%.

The MOFE announced that average consumer prices during the January-July period inched up 1.7% from the same period last year, indicating a stable price trend. However, the price index for living recorded 131.9 (based on the 1995 index as 100), up 0.5% from a month before and 4.8% from a year earlier. Year-on-year price growth has hit a record high since December 1998.