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The Consumer Inflation Rate Stays Around 5 percent for Four Months

The Consumer Inflation Rate Stays Around 5 percent for Four Months

Posted August. 02, 2001 09:25,   


The consumer prices are not stable yet going up. According to the Ministry of Finance and Economy and the National Statistical Office, the consumer prices went up 0.2 percent compared to last month and 5 percent compared to last July. So far, the consumer prices already went up 3 percent compared to last year; so it seems to be hard for government to reach the goal, freezing the consumer inflation rate under 4 percent. The consumer inflation rate has stayed around 5 percent for four month; 5.4 percent in May, 5.2 percent in Jun, 5 percent in July.

The chief of price policy section Kim Don-Soo said, `` the major cause of the inflation is agricultural and livestock, and marine products, of which prices went up 1.4 percent. With exception of these products, the prices did not go up in general as we expected.``

Especially, the prices of vegetable went up 10.6 percent: lettuce 75.2 percent, cucumber 25.1 percent, cabbage 16 percent and radish 8.3 percent.

Prices of local public utilities and services such as taxi fare and fees for public amusement park went up 0.02 percent; however, as a whole, prices of public utilities declined 0.6 percent due to the adjustment of Health Insurance prices. Rent, in general, went up 0.3 percent; prices for a year lease went up 0.5 percent, and prices for a monthly lease went up 0.1 percent.

The Ministry of Finance and Economy announced that they will make a counter-plan to freeze the consumer inflation rate as 3 percent; and they are hoping to freeze the rate as 4 percent in August.