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South Korean Prices Lead Countries
- By Himfr Tian
- Published 01/18/2012
- Business Management
- Unrated
Himfr Tian
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A South Korean "kimchi crisis" shocked the world, the most expensive and up to 90 yuan a. The G20 summit in Seoul, though prices have come down cabbage, but still 3 times higher than the same period last year or so. Meals are inseparable from the Korean kimchi, cabbage soaring moment are difficult to accept the fact that even the Cabbage dubbed the "vegetable of the Ferrari."
After mid-October, thanks to the Government to relax and increase the import policy related products, fresh vegetables, prices began to fall, but still higher than the corresponding level.
IMF10 18 January reported that consumer prices will rise this year, South Korea 3.1%, in 33 developed countries ranked third, South Korea, the price is almost to "lead" countries.
Some South Korean analysts have pointed out that high prices will seriously hamper the economic development of Korea, South Korea may therefore substantially reduce economic growth, how to maintain sustainable economic development, the South Korean government will be placed in front of the biggest issues.
Butcher meat deserted your business
Cabbage battle the smoke has disappeared, but the variety of food prices continue to rise still make people headache. Reporter visited the city of Seoul and found a few street, cabbage prices are still 3 times more expensive than ever.
Shop owners, Ms. King introduced kimchi, cabbage sold in 2008 a 500 won (about 3 yuan), to 2009, prices doubled, while the most expensive prices in October this year, 1.5 million won (about 90 yuan ) one. Ms. King said that the current supply of kimchi restaurant universal abolition of the additional charge phenomenon, but weight is smaller than in the past, and some imported cabbage instead.
In addition, fresh fruit, vegetables and fish, meat prices have improved significantly. Several butcher shop owners have said that beef rose the most obvious, has risen from 2008 to about 20%, up 30% of which ribs. A butcher female boss disclosed that the store's business due to rising meat prices are significantly affected. To reduce costs, instead of imported beef barbecue restaurant with its own beef, which led to a certain extent, sales of imported beef. The reporters found that Korean imports of U.S. beef and beef more expensive than the 1 times or more, but still holds a butcher their own meat, most of the counter.
International Monetary Fund (IMF) 18 issued reports that South Korean consumer prices expected to rise 3.1%, in 33 developed countries ranked third. The report predicts that consumer price increases in 2011 South Korea will further expand to 3.4%.
Korea can be said to be relatively high cost of living in the world, one of the countries. Reporters after a site visit found that the South Korean capital Seoul, the current price than the commodity price nearly doubled in Guangzhou, close to the western developed countries.
Economic development of the "Achilles heel"
Korea National Statistical Office data released this month on the 1st show, by the substantial rise in prices
of fresh food drive, South Korea October consumer price index up 4.1% year on year increase, which is South Korea consumer price index rose over 4 %. October, vegetables and other fresh food prices rose 49.6%, the highest since 1990, the highest on record. On the whole, the price rise the following main reasons:
One is weather. CPI increased substantially due to weather, the main promoter, the level of inflation in the coming months will depend on fresh food prices. "Kimchi crisis" the culprit, it is unusual weather caused poor harvests cabbage.
Second, global commodity prices. International raw material prices pulled up the prices of imported goods, leading to fish, vegetables, etc. Another important reason for soaring prices.
Third, the won depreciated. Since the global financial crisis, with the dollar, the yen and other major currencies weaken, the won has also devalued. South Korean central bank's quarterly reports to Congress that, because the domestic economy continues to recover in the next three months is bound to accelerate the increase in consumer prices.
Fourth, low self-Korean economy, agricultural protection seriously, which hit South Korea's economic development to the "weakness." Little land as a mountain country, a large number of South Korean agricultural economy has long been shrinking, grain and other agricultural self-sufficiency rate of serious lower than the normal standard of the country. According to statistics, South Korea is the world's third largest food importer, food self-sufficiency rate was 27%. Lack of price competitiveness of agricultural production, leading South Korea's food and agricultural products into a vicious circle, that is, grain farmers, planting more and more weak profit-driven agricultural products. Some people think that the "kimchi crisis" goes to the soft underbelly of the Korean economy, exposing the economic structure dimensions.
Government should
Government measures to push prices lower in the
The face of rising prices and domestic inflation situation, South Korean President Lee Myung-bak, said: "stand in the consumer price management is particularly important position." In his recent meeting at a government instructions, separate supervision departments, specialized to explore and manage prices.
Bank of Korea in 2010 and 2012 the price stability target of 2% to 4%. In this regard, the Korean government introduced measures lower prices. South Korean government from November 1 onwards has been to reduce gas costs an average of 4.9%. Ministry for Food, Agriculture, Forestry and Fisheries said on November 2, "to increase than in previous years the high price of garlic, peppers, onions, Pollack and other food imports and, at the end of November focus on the market."
After mid-October, due to the Government to relax and increase imports of related products, fresh vegetables, prices began to fall.
South Korean Ministry of Finance Planning a clerical family name officials said South Korea expected consumer price index increased in November from October are expected to fall 4% to 3.0% to 3.5%. However, this data is still 1.5% higher than the developed countries the average level of 2.5%. He said the next few months the inflation rate will depend on the price of vegetables back to normal speed.
After mid-October, thanks to the Government to relax and increase the import policy related products, fresh vegetables, prices began to fall, but still higher than the corresponding level.
IMF10 18 January reported that consumer prices will rise this year, South Korea 3.1%, in 33 developed countries ranked third, South Korea, the price is almost to "lead" countries.
Some South Korean analysts have pointed out that high prices will seriously hamper the economic development of Korea, South Korea may therefore substantially reduce economic growth, how to maintain sustainable economic development, the South Korean government will be placed in front of the biggest issues.
Butcher meat deserted your business
Cabbage battle the smoke has disappeared, but the variety of food prices continue to rise still make people headache. Reporter visited the city of Seoul and found a few street, cabbage prices are still 3 times more expensive than ever.
Shop owners, Ms. King introduced kimchi, cabbage sold in 2008 a 500 won (about 3 yuan), to 2009, prices doubled, while the most expensive prices in October this year, 1.5 million won (about 90 yuan ) one. Ms. King said that the current supply of kimchi restaurant universal abolition of the additional charge phenomenon, but weight is smaller than in the past, and some imported cabbage instead.
In addition, fresh fruit, vegetables and fish, meat prices have improved significantly. Several butcher shop owners have said that beef rose the most obvious, has risen from 2008 to about 20%, up 30% of which ribs. A butcher female boss disclosed that the store's business due to rising meat prices are significantly affected. To reduce costs, instead of imported beef barbecue restaurant with its own beef, which led to a certain extent, sales of imported beef. The reporters found that Korean imports of U.S. beef and beef more expensive than the 1 times or more, but still holds a butcher their own meat, most of the counter.
International Monetary Fund (IMF) 18 issued reports that South Korean consumer prices expected to rise 3.1%, in 33 developed countries ranked third. The report predicts that consumer price increases in 2011 South Korea will further expand to 3.4%.
Korea can be said to be relatively high cost of living in the world, one of the countries. Reporters after a site visit found that the South Korean capital Seoul, the current price than the commodity price nearly doubled in Guangzhou, close to the western developed countries.
Economic development of the "Achilles heel"
Korea National Statistical Office data released this month on the 1st show, by the substantial rise in prices
One is weather. CPI increased substantially due to weather, the main promoter, the level of inflation in the coming months will depend on fresh food prices. "Kimchi crisis" the culprit, it is unusual weather caused poor harvests cabbage.
Second, global commodity prices. International raw material prices pulled up the prices of imported goods, leading to fish, vegetables, etc. Another important reason for soaring prices.
Third, the won depreciated. Since the global financial crisis, with the dollar, the yen and other major currencies weaken, the won has also devalued. South Korean central bank's quarterly reports to Congress that, because the domestic economy continues to recover in the next three months is bound to accelerate the increase in consumer prices.
Fourth, low self-Korean economy, agricultural protection seriously, which hit South Korea's economic development to the "weakness." Little land as a mountain country, a large number of South Korean agricultural economy has long been shrinking, grain and other agricultural self-sufficiency rate of serious lower than the normal standard of the country. According to statistics, South Korea is the world's third largest food importer, food self-sufficiency rate was 27%. Lack of price competitiveness of agricultural production, leading South Korea's food and agricultural products into a vicious circle, that is, grain farmers, planting more and more weak profit-driven agricultural products. Some people think that the "kimchi crisis" goes to the soft underbelly of the Korean economy, exposing the economic structure dimensions.
Government should
Government measures to push prices lower in the
The face of rising prices and domestic inflation situation, South Korean President Lee Myung-bak, said: "stand in the consumer price management is particularly important position." In his recent meeting at a government instructions, separate supervision departments, specialized to explore and manage prices.
Bank of Korea in 2010 and 2012 the price stability target of 2% to 4%. In this regard, the Korean government introduced measures lower prices. South Korean government from November 1 onwards has been to reduce gas costs an average of 4.9%. Ministry for Food, Agriculture, Forestry and Fisheries said on November 2, "to increase than in previous years the high price of garlic, peppers, onions, Pollack and other food imports and, at the end of November focus on the market."
After mid-October, due to the Government to relax and increase imports of related products, fresh vegetables, prices began to fall.
South Korean Ministry of Finance Planning a clerical family name officials said South Korea expected consumer price index increased in November from October are expected to fall 4% to 3.0% to 3.5%. However, this data is still 1.5% higher than the developed countries the average level of 2.5%. He said the next few months the inflation rate will depend on the price of vegetables back to normal speed.
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