[영문] Inflation Rate in Korea 7 Times Higher than G7 Members

By Park Sae-jin Posted : March 17, 2009, 16:56 Updated : March 17, 2009, 16:56

   
 
Photo: The consumer prices index in Korea recorded 7 times highter than the figure of G7 countries.

Inflation rate in Korea turned out to be 7 times higher than the average of Group of Seven Major Economies (G7).

Korea is conspicuously ailing due to the high inflation while most G7 members are worried about deflation reaching almost zero percent of inflation rate.

According to reports released by Organization for Economic Cooperation and Development (OECD) and Ministry of Strategy and Fiance (MSF) and Statistical Office in Korea on Tuesday, the consumer prices in 30 member countries rose by 1.3 percent in the year to January 2009, which is one third compared with Korean figure with 3.1 percent.

Most members of OECD saw the consumer prices de-escalating from 4.7 percent last August, to 4.5 percent September, 3.7 percent October, 2.2 percent November, and 1.5 percent December after witnessing the record high 4.9 percent last July due to the skyrocketing commodity prices.

However, CPI in Korea only ended in decreasing from 5.9 percent last July to 3.7 percent in January of 2009. In particular, Korea’s CPI in January was recorded 7 times higher than the average 0.5 percent of G7 including United States, United Kingdom, France and Japan.

CPI sized down in most countries of G7 including U.S from 5.6 to zero percent, U.K. from 4.4 to 3 percent, Japan from 2.3 to zero percent, France from 3.6 to 0.7 percent and Germany from 3.3 to 0.9 percent, respectively.

In addition, Korea has recorded to have the fourth highest CPI figure among OECD members along with Australia and Slovakia.

An official at MSF in Korea said, “Consumer prices are likely to stay high during the first quarter of this year due to the strong dollar and oil-related commodity prices, but CPI will go down for second quarter by making efforts for price for domestic products to be reflected by recent drop in oil prices.”

According to the statistics released by OECD, consumer prices for energy were down by 9.6 percent in January 2009, following a fall of 8.9 percent in December while figure for food went up by 5.4 percent for the same period of time.

Excluding food and energy, consumer prices rose by 1.9 percent in the year to January 2009, compared with 2 percent in December 2008.

By Shin Kirim
신기림 기자 kirimi99@ajnews.co.kr
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