HANOI, Jun. 7 (Korea Bizwire) – As soaring prices and the weakening South Korean won make living costs increasingly untenable, Vietnamese workers in the country are tightening their belts, cutting back on grocery and remittance expenses to make ends meet, according to Vietnamese media reports. Nguyen Phuc Thien, 28, who has worked at a container flooring [...]
SEOUL, May 24 (Korea Bizwire) — The finance ministry on Friday warned of uncertainties regarding inflation and vowed preemptive steps by extending tariff quota reduction on imports of agricultural products and boosting government reserves. “Prices of farm produce and petroleum products have fallen recently, but uncertainties remain high over the geopolitical situation in the Middle [...]
SEOUL, May 10 (Korea Bizwire) — First Vice Finance Minister Kim Byoung-hwan on Friday pledged to make all-out efforts to tame inflation, particularly in food prices, by announcing a plan to release reserves of agricultural products and utilize the tariff rate quota system. “The government plans to spare no effort to stabilize inflation, a key [...]
SEOUL, May 8 (Korea Bizwire) — With President Yoon Suk Yeol set to begin his third year in office, South Korea has presented sluggish economic growth amid stubborn inflation unseen in decades, experts said Wednesday, calling for a clear, detailed policy mix to spur growth while maintaining its restrictive fiscal stance and structural reforms. Growth [...]
SEOUL, May 2 (Korea Bizwire) — South Korea’s inflation rose 2.9 percent in April on-year, marking the first time in three months that the index fell below 3 percent, data showed Thursday. Consumer prices, a key gauge of inflation, fell 0.2 percentage point last month from the reading in March, according to the data from [...]
SEOUL, Apr. 26 (Korea Bizwire) — The finance ministry said Friday the government will lower tariffs levied on seven farm products and other food imports, including cabbages and grapes, starting May to curb still-high inflation. The planned move through the tariff-rate quota is part of the country’s flexible tariff system, where the government temporarily adjusts [...]
SEOUL, Apr. 24 (Korea Bizwire) –As high inflation persists, a majority of South Korean consumers are scouring various channels for information and prioritizing value-for-money products before making purchases, according to a survey conducted by the Korea Consumer Agency. The agency announced on April 24 the findings from an online survey conducted last month examining consumer [...]
SEOUL, Apr. 12 (Korea Bizwire) — South Korea’s central bank froze its key rate for the 10th straight session Friday, saying that its current restrictive stance will be maintained for a sufficient period of time amid woes over high inflation and household debt. In a widely expected decision, the monetary policy board of the Bank [...]
SEOUL, March 25 (Korea Bizwire) – Finance Minister Choi Sang-mok said Monday that the government will devise measures to boost the competitiveness of the farming industry and revamp its logistics structure as surging prices of fruits and fresh food items have pushed up inflation. Choi announced the plan during a visit to a major discount [...]
SEOUL, Mar. 19 (Korea Bizwire) – As stubbornly high inflation persists, South Korean households are tightening their purse strings even on private education expenses, long considered the last bastion of family budgets, according to data released on March 18. BC Card, a major credit card company, reported a staggering 24 percent year-over-year plunge in education-related spending [...]