Seoul, June 26 (IANS) South Korea will lower the cap on fuel prices to reflect the recent decline in global crude oil prices, the finance minister said on Friday, while freezing electricity and gas rates in the second half this year.Finance Minister Koo Yun-cheol made the remarks during a meeting with economy-related ministers, noting the cap system will remain in place until consumer prices are fully stabilised.Details of the adjustment to the cap were expected to be announced later Friday, rep…
Latest Consumer Prices News & Updates
Seoul, June 18 (IANS) South Korea plans to apply zero tariff rates on liquefied natural gas (LNG) and liquefied petroleum gas (LPG) within quotas in the second half of 2026 as the country seeks to tame inflation amid lingering global energy price volatility, the finance ministry said on Thursday.The Ministry of Finance and Economy said tariff rates on LNG, LPG and crude oil used for the production of LPG will be lowered to zero in the second half, noting the measure is expected to help stabilise…
Seoul, May 12 (IANS) The South Korean economy is showing signs of recovery, thanks to robust semiconductor exports and improving consumption demand, but downside risks persist due to uncertainties surrounding the Middle East, a state-run think tank said on Tuesday.”Exports are growing at a high rate, led by semiconductors, while domestic demand continues to improve,” the Korea Development Institute (KDI) said in its monthly economic assessment, reports Yonhap news agency.But the KDI said downsid…
Seoul, May 6 (IANS) South Korean stocks traded 6 per cent higher to stay above the unprecedented 7,300-point mark on Wednesday led by strong gains in semiconductor shares and rising optimism for a peace deal between the United States and Iran.Opening 2.25 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) extended gains, adding 418.82 points, or 6.04 percent, to an all-time intraday high of 7,355.81 as of 11:20 a.m, reports Yonhap news agency.With the surge, the bourse opera…
Seoul, April 30 (IANS) South Korean President Lee Jae Myung on Thursday warned that excessive labour-related demands by unionized workers could end up doing more harm than good to the unions and other fellow workers, urging a more responsible approach from unions when dealing with labour issues. “While companies should treat workers as valuable partners in corporate management, workers and labour unions must also have a sense of responsibility,” Lee said during a meeting with senior aides at Che…
Los Angeles, April 27 (IANS) Americans are feeling the strain as the cost of groceries, gasoline, and utilities continues to rise. Economists say a one-two punch of new US tariffs and a war-driven spike in global energy prices are pushing up everyday expenses and threatening to slow growth just as households had begun to regain some breathing room.”I feel betrayed,” Katie Peyrey, a 66-year-old struggling grandmother and caregiver from Burbank, California, told Xinhua news agency.She is a minimum…
Seoul, April 17 (IANS) Escalating geopolitical tensions linked to the prolonged Middle East conflict are posing risks of inflation and greater downside pressure on the South Korean economy, the finance ministry here said on Friday.The Ministry of Finance and Economy made the assessment in its monthly economic report, known as the Green Book, heightening its warning from last month, when it noted only potential fallout, reports Yonhap news agency.”The economy has faced increasing downside risks d…
Seoul, April 10 (IANS) South Korea’s central bank kept its benchmark rate unchanged on Friday, as uncertainty in the Middle East prompted a cautious stance amid risks of inflation, currency weakness and slower growth.In a widely anticipated decision, the Monetary Policy Board of the Bank of Korea (BOK) held the key rate steady at 2.5 percent in its latest rate-setting meeting in Seoul, reports Yonhap news agency.It marked the seventh consecutive on-hold decision, even as the central bank remains…
Seoul, April 7 (IANS) Downside risks to the South Korean economy are increasing amid the prolonged conflict in the Middle East as rising global oil prices and supply chain disruptions could have broader negative impacts on prices, consumption and exports, a state-run think tank said on Tuesday.”The economy, which had shown a gradual recovery, is now facing heightened downside risks due to surging oil prices and growing global supply chain uncertainties stemming from the conflict in the Middle Ea…
New Delhi, March 7 (IANS) Crude oil prices surged further on Saturday to reach $91.84 per barrel amid the escalating US-Israel and Iran war.Brent crude reached $91.84 while West Texas Intermediate (WTI) hit $89.62. With this, both Brent and WTI have jumped 24.55 per cent and 32 per cent, respectively, reviving fears around consumer prices.Brent crude futures crossed $90 per barrel for the first time since April 2024. WTI crude advanced 11 per cent to the day’s high of $89.62 per barrel.Earlier, …