I’m worried because the price of the shopping cart is going up like a spring. The price of eggs, a regular menu item for ordinary people’s tables, jumped 57% compared to a year ago. If you want to buy a watermelon or an apple, you have to pay 200% and 60% higher prices than last year. The price of ramen, a favorite of the people, is also rising one after another for the first time in five years. The complaints of ordinary people that they are afraid of shopping are never heard as harsh words. It’s not just eating. Gasoline prices have risen for the 13th week in a row and electricity bills have also increased. As the monthly rent soared due to the 3rd lease law, the rent rose the most in four years and eight months last month. Inflation is omnidirectional, to the extent that it is difficult to find a price that has not risen in the vicinity. In July, the inflation rate recorded 2.6%, the highest in 9 years and 1 month, exceeding the Bank of Korea’s annual price management target (2%) for 4 months.
In spite of this, it is frustrating that the government remains in the easy way, saying, “This is a temporary phenomenon and prices will be caught soon.” Hong Nam-ki, Deputy Prime Minister of Economy, said on the 3rd that “prices of Chuseok, the price will decrease compared to the previous year.” He said that the inflation rate this year appears to be larger than it actually is because of the stabilization of prices at the beginning of last year. It is explained that the base effect will be alleviated and the supply of agricultural and livestock products will increase. However, it is highly probable that it will only be a torture of hope. This is because there is no sign of a slowdown in global inflation, as raw material prices and sea freight rates continue to climb high. Also, as in the case of the 1st disaster subsidy last year, if the 5th disaster subsidy is released at once before Chuseok, it will inevitably encourage inflation. As such, all the signals are pointing in the direction of rising prices, but like an ostrich with its head buried in the sand, it is turning away from reality. There is concern that the time to come up with measures to stabilize prices may be missed. This year, egg prices have continued to rise by double digits for the seventh month in a row. The government, which has failed to manage inflation to the extent that it has not been able to keep up with the price of eggs throughout this year, should not waste time by turning it into a circuit of hope. We need to come up with special measures to catch inflation right away.
[ⓒ 매일경제 & mk.co.kr, 무단전재 및 재배포 금지]
