South Korean households with monthly spendings of 4 million won ($3,450) or more are on the rise as prices for essentials increase, a report showed Wednesday.
According to Statistics Korea, such households in the highest spending bracket accounted for 10.51 percent of all households in the third quarter of the year, exceeding the 10-percent mark for the first time.
The comparable figure for 2010 was 8.79 percent, the statistics agency said, adding that spending on a vast array of goods and services increased mainly due to a rise in food prices and other daily necessities.
Households with monthly spendings between 3 million won and 4 million won made up 15.34 percent of the total in the July-September period, compared with last year’s 13.82 percent, according to the agency.
South Korea is facing inflationary pressure. Consumer prices in Asia’s fourth-largest economy grew at a faster pace in November than a month earlier, fueled by a rise in the cost of manufactured goods, processed foods and public utilities.
The country’s consumer price index rose 4.2 percent last month from a year earlier, increasing from a 3.6 percent on-year gain in October. The price growth is higher than the government’s annual inflation target of 4 percent.
The statistics agency reported earlier that South Korean households’ monthly income grew 6.5 percent on-year in the third quarter thanks to improving employment conditions.
Households’ monthly income averaged 3.89 million won in the third quarter, and inflation-adjusted household income also rose 1.6 percent from a year earlier. The disposable income of households grew 6.3 percent on-year to a monthly average of 3.15 million won, the report said. (Yonhap News)
