[Monitor] Korea’s Engel coefficient hits record low
By Korea HeraldPublished : March 27, 2017 - 17:09
![](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=640&simg=/content/image/2017/03/27/20170327001023_0.jpg)
The average consumer spending was 2.55 million won.
The drop was attributed to a decline in food prices that brought down the overall spending amount.
The coefficient, however, differed significantly among different levels of income, with the index for the low-income households marked at 20.44 percent.
Engel‘s law indicates that as income rises, the proportion of income spent on food declines.
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Articles by Korea Herald