Survey finds 53% cite high prices as biggest economic concern, 61% call for price stability first
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Eggs are displayed in a superstore in Seoul on May 13. /News1 |
South Koreans see inflation as their biggest economic challenge, with six in 10 urging the government to prioritize stabilizing prices, a recent survey shows.
The Federation of Korean Industries (FKI) surveyed 1,000 adults and found that 53.5% identified rising consumer prices and living costs as the greatest financial burden. Other concerns included job insecurity (11.3%), rising housing costs (10.0%), slowing economic growth (7.2%), and stagnant income (6.8%).
The FKI noted that although headline inflation has eased to the low 2% range recently, prolonged high prices have left many citizens feeling ongoing financial pressure. “The burden of inflation remains high from the public’s perspective,” the federation said.
When asked about the government’s most urgent task to improve livelihoods, 60.9% of respondents pointed to price stability. Job creation followed with 17.6%, then housing security (9.5%), regional economic revitalization (7.8%), and support for vulnerable groups (3.8%).
Regarding specific policy priorities to curb inflation, 35.9% favored stabilizing prices of agricultural products and daily necessities. Others prioritized lowering public utility costs such as electricity, gas, and water (21.8%), managing exchange rate volatility to ease import prices (17.2%), easing tax burdens and expanding living cost support (17.1%), and stabilizing energy and raw material costs (7.8%).
“The prolonged combination of high inflation and economic slowdown is placing a heavy burden on households,” Lee Sang-ho, head of FKI’s Economic and Industrial Research Department, said. “The government should diversify food import sources, reform supply chains, and expand private sector job creation to boost household incomes.”
[Park Soon-chan]
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