Horizon milk prices1/22/2024 ![]() ![]() Domestically, high oil prices are directly linked to inflation, and this is likely to dampen private consumption and investment. Rising oil prices pose an even greater threat to the Korean economy, which is already grappling with a sluggish economic recovery. In the Korean domestic market, gasoline prices have been steadily increasing for 12 consecutive weeks and are on the verge of surpassing an average of 1,800 won per liter. Wall Street forecasts that oil prices could even reach as high as 120 dollars within the year, raising fears of a second wave of inflation following the Ukraine War. ![]() These prices, which had dropped to around 70 dollars earlier this year, have recently surged past 90 dollars following announcements from major oil-producing nations such as Saudi Arabia and Russia about extending production cuts. Starting from Saturday, the basic subway fare in the Seoul metropolitan area will go up by 150 won to 1,400 won, and Busan city bus fares will also increase by 350 won from Friday.Ī significant concern is the international oil prices, which are on the brink of reaching 100 U.S. There's a likelihood of a ripple effect on milkflation (milk + inflation), causing prices of processed foods like bread, cookies, and ice cream to rise subsequently. Milk companies have already increased the prices of dairy products, including white milk, by 3 to 13 percent due to rising raw milk prices. There are reportedly only four menu items that can be purchased for this amount, such as jjajangmyeon, gimbap, and kalguksu.įollowing the Chuseok holiday, food prices and transportation fares, which have been held in check, are set to rise, adding to the burden of living expenses. ![]() The average price of a restaurant menu in Seoul, according to the Korea Consumer Agency's True Price, has recently exceeded 10,000 won. Additionally, the higher dining costs and increased gas prices for visiting graves or going out made people more cautious about spending. The steep rise in the cost of fruits and vegetables led to more families simplifying or even omitting traditional ancestral rites preparations. During the six-day Chuseok holiday, many people were taken aback by the increasing prices. ![]()
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