The Korea Herald

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Farms, fishery products fueling consumer price hikes: poll

By Yonhap

Published : Sept. 30, 2017 - 10:41

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More than half of all South Korean households believe farm and fishery produces are fueling consumer price hikes, a national poll showed Saturday.

The survey in the Bank of Korea's September consumer report showed that 51.4 percent of households here believed farm goods, meat and fish will have the greatest impact on consumer prices in the upcoming one-year period.

 

(Yonhap) (Yonhap)

This was followed by 40.1 percent who thought manufactured goods would have the most effect on overall prices. The findings from the poll, which permitted multiple answers on a given question, also showed 39.9 percent viewed various public charges will exert upward pressure, with rent and personal services all contributing factors for higher consumer prices.

The BOK's report was carried out on some 2,000 households nationwide from Sept. 12-19.

The latest results showed that compared with a similar poll taken in July, those that thought farm and fisheries would impact consumer prices the most rose by 5.6 percentage points from 45.8 percent.

The BOK said that the reading for agricultural goods marked the first time that this category topped the 50 percent mark since it was added to the questionnaire in January 2013.

In past years, numbers for farm fishery produces usually stood in the 10-30 percent range.

The central banks said the report reflects the sharp rise in farm and fisheries prices caused by bad weather in recent months.

"Very high temperatures over the summer months caused a spike in vegetable prices that was felt by many people," it said.

The BOK then said that the scope of fluctuation of farm and fishery produces are greater than consumer prices in general that further influences general perception.

This month overall consumer prices rose 2.1 percent on-year, but those of farm and fisheries goods jumped 4.8 percent, with goods like squid, tomatoes, onions and eggs stimulating the sharp gains.

Reflecting this, the member of the BOK's Monetary Policy Committee that met on Aug. 31 predicted that consumer prices will likely rise by around 2 percent for the foreseeable future mainly due to the increase in agricultural and fisheries prices. (Yonhap)