In October, imports increased 37.8% YoY, exports rose 24%, and the Consumer Price Index rose 3.2%.
Imports increased for 11 consecutive months, mainly raw materials and intermediate goods due to government-supported stimulation of domestic demand and brisk exports.
Petroleum (26.5%), diesel (30.7%), and LPG for automobiles (27.2%) rose 27.3% due to the rise in international oil prices. The rate of increase is the highest since August 2008 (27.8%) during the financial crisis. Regarding the monthly price increase, it was announced on the 2nd that industrial products rose 4.3% from the previous year, and processed food increased 3.1%, contributing 0.23 percentage points to the inflation rate.
The cost of living for 141 items with high purchase frequency and high spending ratio rose 4.6% from a year ago, the largest increase since August 2011 (5.2%).
The export boom in October benefited from the rise in international oil prices, resulting in a 138.1% increase in petroleum product exports, followed by a 68.5% increase in petrochemicals, a 12.7% increase in general machinery and a 28.8% increase in semiconductor exports, and a 4.7% decrease in automobiles.
The British Institute for Finance (IFS) said on the 28th of last month that even a small increase in wages in the middle-income class would be offset by inflation and income tax, and real income would fall by 1% per year if income tax and inflation were applied.
The UK's Office of Budget Responsibility (OBR) said that the cost of living could rise at the fastest rate in 30 years, and that the inflation rate of 3.1% in September is expected to rise to an average of 4% next year. , and will not recover before 2023, it said on the 27th of last month.
The BBC reported on the 27th of last month that "with this budget proposal, public spending will be the highest since the 1970s and the tax burden will be the highest since the 1950s."
CNBC reported on the 1st that China's manufacturing purchasing managers' index (PMI) stood at 49.2 for October, saying that there are signs of stagflation, such as a slowdown in China's manufacturing production indicators while inflation continues.
When the PMI exceeds the baseline 50, it is economic expansion and below the baseline, it is economic contraction.
In China, the producer price index (PPI) rose 10.7% year-on-year in September, the highest rate ever.
China's economic growth rate fell from its peak of 18.3% in the first quarter and rose 4.9% year-on-year in the third quarter, the lowest figure in a year, raising concerns about stagflation.
Korea's exports to China rose 24.9% to $14.39 billion in October, while exports to the United States rose 22.9% to $8.06 billion.