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Inflation Jumps by 4.5% in Feb.

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저작자 미상 (저작물 2267374 건)

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공표년도

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2011-03-03

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Korea's consumer prices rose by 4.5 percent on-year in February the biggest jump in 27 months.
Statistics Korea said Wednesday that rapidly increasing global oil prices and the extreme cold wave that swept across the country this winter caused increased inflationary pressure.
Heavy snowfall and the outbreak of foot-and-mouth diseases damaged the supply of agricultural and livestock products with the prices of these products rising nearly 18 percent.
And the soaring price of crude oil has also raised the price of industrial goods by five percent on-year with a close to 13 percent increase in the domestic oil price.
So‚ to tackle skyrocketing inflation in Korea 10 related-ministers held a price stablization meeting on Wednesday.
Presided over by finance minister Yoon Jeung-hyun the group said they would to continue with stable macro-economic policies to improve the domestic economy‚ job market and the financial market.
They also agreed upon other structural reform including encouraging price competition.
Since increasing energy prices have a large impact on inflation the government will also promote energy conservation across the country.
In fact‚almost 100 percent of Korea's energy comes from imports so a 10 percent reduction in usage could save the country 12 billion US dollars a year.
Choi Won-young‚ Arirang News.
Reporter : won102@arirang.co.kr

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