Prices of daily necessities rise in December: report

Prices of most daily necessities in South Korea increased in December despite government efforts to fight rising inflation, a report by the state-run consumer protection watchdog showed Tuesday.

The report by the Korea Consumer Agency showed that of the 102 everyday consumer necessities monitored such as sugar, cereals and detergents, prices of 70 products, or 68 percent, went up in December from a month earlier. Prices for 28 products fell or remained unchanged over the cited period, it showed.

The portion of products that rose vis-a-vis the previous month was much higher than the 53 percent seen in November, the agency said. The comparable figures for October and September were 52 percent and 46 percent, respectively, it said.

Prices of rice, pork and powdered red pepper surged on tight supply, and those of some vegetables also rose during the winter season, the report showed.

Consumer prices rose 4.2 percent in December from a year earlier, raising worries that inflation could remain a drag on the nation’s economy. The country’s consumer prices rose 4 percent in 2011, hitting the upper ceiling of the central bank’s 2-4 percent target band.

South Korean policymakers have put anti-inflation efforts at the top of their economic agenda this year. The Bank of Korea, the nation’s central bank, said earlier that its monetary policy goal in 2012 will be to focus on maintaining price stability.

Earlier this month, Finance Minister Bahk Jae-wan said that the nation was facing “tough” inflation conditions as prices of farming goods and energy prices could rise during the winter season. 

(Yonhap News)