The extent of inflation is gradually increasing and the economic growth rate is showing a clear downward trend, showing the adverse effect of the Corona V rebound and fiscal expansion.The CPI rose 2.3% in April, 2.6% in May, 2.4% in June, 2.6% in July, 2.6% in August, and 2.5% in September, up 3.2% in October and 3.7% in November. It recorded the highest rate of increase in 11 months in a year.
The economic growth rate of the first quarter (-1.3%) and the second quarter (-3.2%) of last year was negative for two consecutive quarters, followed by the third quarter (2.2%) when the government's V rebound was concentrated, followed by the fourth quarter (1.1%) and the first quarter of this year (1.7 %) 2Q (0.8%) and 3Q (0.3%) show a clear downward trend.
The Bank of Korea's real gross national income (GNI) fell 0.7% in the third quarter from the previous quarter.
The GDP deflator, a measure of the comprehensive price level, rose 2.3% year-on-year in the third quarter.
Inflation is the highest since November 2011 when industrial product prices rose 5.5% in November.
The cost of living for 141 items rose 5.2% year-on-year, the highest since August 2011 at 5.2%.
According to Statistics Korea, personal service prices rose 3.0%, with private service prices rising by 3.0%, while eating out (3.9%), such as private apartment management expenses (4.3%), insurance service fees (9.6%), raw fish (9.6%), cafeteria meals (4.4%), etc. did.
In Korea's consumer price index, the 1.9% rise was reflected in the increase in jeonse (2.7%) and monthly rent (1.0%) only with rental rent statistics, excluding the increase in the cost of living in the US.
The Bank of Korea's GDP growth rate in the third quarter was only 0.3%, the lowest level since the second quarter of last year (-3.2%) due to the corona shock.
In the third quarter, only exports increased by 1.8%, imports decreased by 0.7%, facility investment decreased by 2.4%, and construction investment decreased by 3.5%. It fell sharply from an increase to a decrease of 0.2% in the third quarter, and only government consumption for fiscal expansion increased by 1.3%, creating a factor in inflation.