Last month, the Jeju consumer price index rose 1.5 percent, the lowest increase in 28 months. It is a whopping 1 percentage point drop compared to the previous month’s 2.5%, but it is pointed out that it is far from the actual price felt by consumers.
According to the “June Consumer Price Trends in Jeju Island” announced by the Jeju Office of the National Statistical Office, the consumer price index in Jeju last month was 111.25 (2020 = 100), up 1.5% from the same period last year. This is 1.2 percentage points lower than the national consumer price index (2.7%).
It has been 28 months since February 2021 when the consumer price increase rate in the province recorded 1% range.
Jeju consumer price inflation soared to 7.4% in June and July of last year, but has continued to slow down this year, with 5.0% in January, 4.7% in February, 3.9% in March, 3.2% in April, and 2.5% in May.
In particular, last month, the price of petroleum products fell by the largest amount ever, significantly lowering the inflationary pressure.
By item, prices of diesel (-34.1%), gasoline (-24.4%), kerosene (-28.4%), and LPG for cooking (-8.4%) all fell significantly.
Although the rate of increase in consumer prices has slowed, complaints are erupting among consumers that they cannot feel it at all, even though everything seems to have risen except for wages.
This is because the point of comparison of prices is a year ago, and the rate of inflation, not inflation, is falling.
Inflation does rise, but the pace has slowed down a bit due to the impact of international oil prices.
Because of this, there is no choice but to create a gap between the prices perceived by consumers and the actual prices depending on the point of comparison.
In a situation where core inflation, which shows the basic trend of prices, is not stable, and public utility fee hikes that have been delayed are still waiting, the government is required to come up with multifaceted measures to maintain a stable price trend.
Above all, the urgent priority is to set the price level experienced by the common people.
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2023-07-05 08:18:00
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