S. Korea`s food prices rise faster than most OECD countries: report

SEOUL, Sept. 2 (Yonhap) -- South Korea's food prices grew at a faster pace than
advanced nations in July, a report showed Wednesday, raising concerns that
low-income people could face harsher living conditions amid an economic downturn.
According to the report by the Organization for Economic Cooperation and
Development, South Korea's food prices rose 6.9 percent in July from a year
earlier, higher than the average rise of 0.6 percent for member countries of the
Paris-based body.
The country's food prices were among the highest. Iceland topped the list with a
15.9 percent rise, followed by Mexico at 9.3 percent, Turkey at 8.5 percent and
New Zealand at 8.3 percent, the report showed.
The comparison comes a day after South Korea reported that overall consumer
prices rose 2.2 percent in August from a year earlier, marking the fastest gain
in three months.
Inflation served as a drag on the Korean economy amid a protracted global
recession and soaring oil prices last year, though it currently falls under the
government's inflation target range of 2.5-3.5 percent.
kokobj@yna.co.kr
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