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Double whammy

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Consumer prices surge, while income declines

South Koreans are bearing the brunt of a double whammy ― soaring consumer prices and declining income. Simply put, they are increasingly worse off amid the resurgent COVID-19 pandemic and runaway housing prices.

According to Statistics Korea, consumer prices jumped 3.7 percent in November from the previous year. The figure was up from a 3.2 percent jump recorded in October, and marked the steepest increase since December 2011. Rising prices of crude oil and farm products were to blame for the mounting inflationary pressure.

More worrisome is a 5.2 percent surge in the cost of daily necessities ― 141 items, including food, clothing and housing, which directly affect people's daily lives. Home........

© The Korea Times

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