Prices for Basic Necessities Rise Faster Than Overall Inflation
A study shows that prices for everyday necessities, such as housing, food, and clothing, have risen at a faster pace than overall inflation over the past five years.
According to the research conducted by Kim Sang-bong, an economics professor at Hansung University, the cost of basic necessities increased by an average of 4.6 percent annually between 2019 and 2024.
- Housing costs jumped 5.5 percent annually on average.
- Food-related prices climbed 4.6 percent.
- Clothing prices rose 2.9 percent.
The rate is higher than the 2.8 percent average annual rise in consumer prices during the same period.
The report attributed the steeper increase to sharp rises particularly in housing and food-related costs.
Author's summary: Prices for basic necessities rose faster than overall inflation.