Prices for everyday necessities, such as housing, food and clothing, have risen at a faster pace than overall inflation over the past five years, a study showed Thursday.
According to the research conducted by Kim Sang-bong, an economics professor at Hansung University, commissioned by the Federation of Korean Industries, the cost of basic necessities increased by an average of 4.6 percent annually between 2019 and 2024.
The study noted that 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.
Housing costs jumped 5.5 percent annually on average, while food-related prices climbed 4.6 percent. Clothing prices rose 2.9 percent, according to the research.
It cited global energy and agricultural price increases, high retail costs and rising labor expenses as key drivers behind the surge in prices of daily necessities.
“The steep rise in prices of essential goods directly linked to daily life has likely heightened the inflation burden felt by ordinary households,” the study noted.
Yonhap
