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Worsening inflation causing economic hardship for merchants and consumers Updated: 2022-07-05 19:12:53 KST

In an effort to prevent inconvenience to customers, some taxi drivers eat the higher cost of fuel. For businesses and households alike, electricity prices are going up this month, too. Lee Eun-jin zooms in on this phenomenon. The economic hardship brought by inflation is hitting people from all walks of life. This restaurant owner has been running his business for 25 years, but the price of ingredients is becoming harder to handle. His regulars have helped him push through the past couple of years of hardship, but now prices have risen more than 30 percent from last year. "The price of cooking oil, for instance, has tripled. I've never seen this kind of inflation in my 25 years of business." And the increased cost of ingredients is starting to be reflected in the prices that customers have to pay too. "I've seen a lot of places where stickers with new prices have been put on the menu a quick run to the grocery store costs more than 50-thousand won" Hit more directly by the soaring gas prices are taxi drivers. Even LPG, which had been relatively inexpensive, has exceeded 1,100 won, that's roughly 85 cents yet taxi fares haven't changed. "One-third of a day's income goes out in fuel costs. The cost of living is going up and income is decreasing. Times are difficult." Small and medium-sized companies that support the South Korean economy are all affected by high inflation, high interest rates and high exchange rates. High global energy costs have brought on the latest hike in electricity rates here in South Korea that will go into effect for electricity bills this month. The people are feeling more pain as there seems to be no end in sight for the rising prices. Lee Eunjin, Arirang News.
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