Korea’s Fastest Inflation Since 2008 Raises Rate Pressure

Hold onto your hats folks.

Korea’s Fastest Inflation Since 2008 Raises Rate Pressure
April consumer prices rise 4.8%, quickening from 4.1% in March

May 3, 2022, 8:00 AM GMT+9Updated onMay 3, 2022, 10:16 AM GMT+9

South Korea’s inflation accelerated to the fastest pace since 2008 in April, prompting the central bank to issue a statement as pressure intensifies for it to raise interest rates further..

“The number knocked my hat off,” An Young-jin, an economist at SK Securities, said of the April reading. “The higher-than-consensus figure leads me to believe another rate hike in the BOK meeting in May is inevitable. At this pace, we may even see an inflation number beginning with ‘5’.”

“Inflation is starting to weigh on the economy,” said Lim Dong-min, a Kyobo Securities researcher. “Policy makers will probably concentrate their firepower in battling inflation this quarter.”
https://www.bloomberg.com/news/articles/2022-05-02/korea-posts-fastest-inflation-since-2008-raising-rate-pressure

My gym just raised subscription fees by 10%...

Yeah, the won is pretty miserable against the USD right now too...

1,000 won = 78 cents.

Yeah, the won is pretty miserable against the USD right now too...

ugh, don't remind me. i've been holding off on my usual transfers hoping it'll get a bit better, hopefully sometime before the yearly contribution deadline on my IRA.

Haha, I'm glad I locked in our mortgage rate for ten years instead of five.

Korea is still doing okay so far with the 4-5% yearly inflation. Most other OECD countries are facing double that.
For kiwis, brits and aussies, the exchange rate is not that bad. The won actually gained strength against these currencies in the last 1-2 months.

1,000 won = 78 cents.

1,000won = $1.24; gone up 2cents since I last checked. :D

Maybe now some kids on here will quit arguing with me that 2.1 to 2,5 million won a month is a good pay rate.  Inflation is always much higher than what the government says it is, BTW.  Time to pay the English teachers in the 3 millions.  A sharp raise is needed to make up for all those years of not raising the pay. 

Also, I just saw for Americans that 2,000,000 won is just over $1500.00 (USD).  It was hovering around $1700.00 for quite a few years and was actually more like $2100.00 when I got here.  Add the worse exchange rate with inflation and you get the picture.  More English teachers need to push back and speak up.  If not cause everyone's a *****, then nothing will change. 

Hold onto your hats folks.

My gym just raised subscription fees by 10%...

Did your pay go up by 10 per cent?

1,000won = $1.24; gone up 2cents since I last checked. :D

The Kiwi dollar is weaker than the Korean won these days? Why is that? New Zealand has fallen on hard times?

The Kiwi dollar is weaker than the Korean won these days? Why is that? New Zealand has fallen on hard times?

You have Trudeau in a skirt....?  Dumb and dumber?

The Kiwi dollar is weaker than the Korean won these days? Why is that? New Zealand has fallen on hard times?

You are assuming that all currencies named ''dollar'' are the same.
1 New Zealand dollar has always been less than 1000krw. Except for a few months in early 1998. Due to the so called IMF crisis here I guess

It’s weakening against the Korean won “since you last checked”. What’s the cause? People around increasingly want Korean money compared to New Zealand money?

The Kiwi dollar is weaker than the Korean won these days? Why is that? New Zealand has fallen on hard times?

Weakening? I get more NZ currency per 1000 won, about 2 weeks ago, I was getting $1.22, now it's $1.24

You are assuming that all currencies named ''dollar'' are the same.
1 New Zealand dollar has always been less than 1000krw. Except for a few months in early 1998. Due to the so called IMF crisis here I guess

It's exactly this, L I doesn't specify which country when they mention dollars.
There are a few countries that use dollars.

1 NZD gives me 807 won
But 1000 won, gives me $1.24 nz, which is up 2cents from a week or 2 ago, roughly, when L I didn't specify which country's dollar they were using, and I looked it up (Was $1.22 then). :p

Weakening? I get more NZ currency per 1000 won, about 2 weeks ago, I was getting $1.22, now it's $1.24

That you get more kiwi currency per 1,000 won means the New Zealand dollar is comparatively weakening and the Korean won comparatively strengthening.

As long as onions, garlic, hot green peppers and sweet potatoes are 1000 won to 3000 won, I'm good.

As long as onions, garlic, hot green peppers and sweet potatoes are 1000 won to 3000 won, I'm good.

Sweet potatoes are 3000 won?  Always seemed much more expensive to me.  But got to watch for beef sales.  Large cuts, where you cut smaller with scissors and then ziplock bag freeze them.  Steak and sweet potatoes with some side veggies. 

Scored 4 big sweet potatoes for 2100 won selected & weighed)
Could've got a four-times bigger haul of anemic-looking fingerlings for 2,200 won but passed.

It really depends what market you go to:

1. The nearest store is an overpriced fancy apartment neighboring supermarket.

2. Nonghyup is never the most expensive nor the cheapest (nor carrying the most interesting variety.

3. The 5-day market has charming elderly i gladly buy from - but the freshness of produce is sometimes/often lacking. There have been days when i had to garbage brown-seeded hot peppers and overly-hard, tasteless peaches and chalk it up as a charity contribution to the elderly (it's hard to pass by an old person hawking stuff curbside).

Scored 4 big sweet potatoes for 2100 won selected & weighed)
Could've got a four-times bigger haul of anemic-looking fingerlings for 2,200 won but passed.

It really depends what market you go to:

1. The nearest store is an overpriced fancy apartment neighboring supermarket.

2. Nonghyup is never the most expensive nor the cheapest (nor carrying the most interesting variety.

3. The 5-day market has charming elderly i gladly buy from - but the freshness of produce is sometimes/often lacking. There have been days when i had to garbage brown-seeded hot peppers and overly-hard, tasteless peaches and chalk it up as a charity contribution to the elderly (it's hard to pass by an old person hawking stuff curbside).

Wow!  That's pretty good.  I always get a box of them for 8 or 9 thousand or a smaller bag of them for a few thousand or even 6.  Sadly, no local markets near my home.  But, they would be worth doing.