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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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 Posted: Sun Sep 17, 2006 3:45 pm Post subject: Korean Prices Surge at Alarming Rate |
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Korean Prices Surge at Alarming Rate
Korea has become one of the most expensive countries to live in, with consumer prices growing at the sixth highest rate among 30 OECD members. The price of major foods and necessities including beef, pork, formula milk, diapers and menstrual pads in Korea are similar to or higher than in leading economies.... In other words, people in advanced countries earn twice to three times more than Koreans, but products sold there are only 1.1-1.6 times more expensive. Jeon Young-jae, a senior researcher at the Samsung Economic Research Institute, said prices have been growing rapidly here due to the nation�s reluctance to open the manufacturing goods and service markets and high taxes. "What's more, productivity has improved at a lower pace than in other developed countries," he added.
Chosun Ilbo (September 18, 2006)
http://english.chosun.com/w21data/html/news/200609/200609180006.html |
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JongnoGuru
Joined: 25 May 2004
Location: peeing on your doorstep
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| Posted: Sun Sep 17, 2006 3:49 pm Post subject: Re: Korean Prices Surge at Alarming Rate |
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| Quote: |
| In other words, people in advanced countries earn twice to three times more than Koreans, but products sold there are only 1.1-1.6 times more expensive. |
And what products do they mean? Most things I can think of, domestic or imported, are more expensive here than they are in "advanced countries". |
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Gwangjuboy
Joined: 08 Jul 2003
Location: England
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| Posted: Sun Sep 17, 2006 4:02 pm Post subject: |
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| Korea's obssession with being an "expensive" country is hurting its own people. When the per capita GDP is so low compared to the leading economies yet prices are the same consumer dependance on credit will increase. Coupled with the fact that property sepulators have dramatically driven house prices up a crisis is only around the corner. |
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liehtzu
Joined: 24 Mar 2003
Location: the sticks, Korea
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| Posted: Sun Sep 17, 2006 4:54 pm Post subject: |
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| Weirdly, I've heard some people who've been here for years deny it, but I am absolutely not just imagining things: I was here in 2002-2003 and Korea was much less expensive than it is now. Some things like shampoo have always been obscene, but man what is up with the price on the damned fruit? Not to mention several other items. This is a very bad trend, and it's going to come back to haunt the country unless it's kept in check. |
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Moldy Rutabaga
Joined: 01 Jul 2003
Location: Ansan, Korea
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| Posted: Sun Sep 17, 2006 5:06 pm Post subject: |
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Yes. Some things like bus and subway fares show a noticeable increase in the last few years, but lately it seems like everything in the supermarket has gone up and the fruit never seems to have 'in season' prices. Taxi fares, particularly in Seoul, have become nasty.
I doubt ESL salaries are going to rise accordingly. It's going to be harder to attract people to come here.
Ken:> |
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laogaiguk
Joined: 06 Dec 2005
Location: somewhere in Korea
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| Posted: Sun Sep 17, 2006 5:08 pm Post subject: |
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| Moldy Rutabaga wrote: |
I doubt ESL salaries are going to rise accordingly. It's going to be harder to attract people to come here.
Ken:> |
I was thinking the exact same thing. Take away my saving ability, and I will go to Japan or China again (or maybe elsewhere). I really like Korea, but it's as boring as Canada after one year  |
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Gwangjuboy
Joined: 08 Jul 2003
Location: England
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| Posted: Sun Sep 17, 2006 5:48 pm Post subject: |
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| Moldy Rutabaga wrote: |
| Yes. Some things like bus and subway fares show a noticeable increase in the last few years |
An increase yes, but public transport in Seoul is extremely cheap compared to back home. It is 4 times cheaper than the UK here.
| Quote: |
| Taxi fares, particularly in Seoul, have become nasty. |
A twenty minute ride in a taxi in London is nasty. Still, I agree with you that taxi fares have risen considerabely.
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| I doubt ESL salaries are going to rise accordingly. It's going to be harder to attract people to come here. |
Absolutely. Unfortunately, the ESL industry in Korea will keep cashing in on the myth that it's still Thailand cheap here. |
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Moldy Rutabaga
Joined: 01 Jul 2003
Location: Ansan, Korea
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| Posted: Sun Sep 17, 2006 6:40 pm Post subject: |
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| Quote: |
| An increase yes, but public transport in Seoul is extremely cheap compared to back home. It is 4 times cheaper than the UK here. |
Yes-- I remember buying all-day subway tickets for London in '98 for something like $25! Compare this to Mexico City's subway for about thirty cents (and just as clean, even if much more dangerous).
It may be one reason why the government is pushing the FTA so strongly. Price competition, if it comes, will reduce many of these costs, albeit with a lot of pushing and shoving at the ports. The problem is that there are many factions in Korea (farmers, local producers) who benefit from these fixed markets.
I see and hear about better and better teaching wages in China and Thailand-- the opposite situation. It will be more difficult to attract newcomers with no strong tourist attractions here.
Ken:> |
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billybrobby
Joined: 09 Dec 2004
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| Posted: Sun Sep 17, 2006 6:52 pm Post subject: |
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| Gwangjuboy wrote: |
| Korea's obssession with being an "expensive" country is hurting its own people. |
What do you mean by this? |
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Gwangjuboy
Joined: 08 Jul 2003
Location: England
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| Posted: Sun Sep 17, 2006 7:06 pm Post subject: |
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| billybrobby wrote: |
| Gwangjuboy wrote: |
| Korea's obssession with being an "expensive" country is hurting its own people. |
What do you mean by this? |
Some Koreans are obssessed with becoming an expensive nation. Have you ever spoke to Koreans who wax lyrical about Gangnam and the fact that apartments in Daechi dong cost such and such bazillion won? These Koreans equate price increases with an increase in the standing of their nation irrespective of the fact that wages aren't increasing at anywhere near the same rate. |
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Juregen
Joined: 30 May 2006
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| Posted: Sun Sep 17, 2006 9:25 pm Post subject: |
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| One thing you guys are forgetting is that the Korean Won is slowly getting stronger and stronger, making any import more and more expensive. |
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ChuckECheese
Joined: 20 Jul 2006
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| Posted: Sun Sep 17, 2006 9:38 pm Post subject: |
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| Juregen wrote: |
| One thing you guys are forgetting is that the Korean Won is slowly getting stronger and stronger, making any import more and more expensive. |
Isn't that other way around? |
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Gwangjuboy
Joined: 08 Jul 2003
Location: England
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| Posted: Mon Sep 18, 2006 1:04 am Post subject: |
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| Juregen wrote: |
| One thing you guys are forgetting is that the Korean Won is slowly getting stronger and stronger, making any import more and more expensive. |
How did you come to that conclusion? |
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JongnoGuru
Joined: 25 May 2004
Location: peeing on your doorstep
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| Posted: Mon Sep 18, 2006 5:19 am Post subject: |
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| Gwangjuboy wrote: |
| Juregen wrote: |
| One thing you guys are forgetting is that the Korean Won is slowly getting stronger and stronger, making any import more and more expensive. |
How did you come to that conclusion? |
Hey, considering how backasswards things here are sometimes, I'm not so sure he's wrong.  |
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Papa Smurf
Joined: 18 Jul 2006
Location: Seoul
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| Posted: Mon Sep 18, 2006 11:59 am Post subject: Re: Korean Prices Surge at Alarming Rate |
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| Real Reality wrote: |
Korean Prices Surge at Alarming Rate
Korea has become one of the most expensive countries to live in, with consumer prices growing at the sixth highest rate among 30 OECD members. The price of major foods and necessities including beef, pork, formula milk, diapers and menstrual pads in Korea are similar to or higher than in leading economies.... In other words, people in advanced countries earn twice to three times more than Koreans, but products sold there are only 1.1-1.6 times more expensive. Jeon Young-jae, a senior researcher at the Samsung Economic Research Institute, said prices have been growing rapidly here due to the nation�s reluctance to open the manufacturing goods and service markets and high taxes. "What's more, productivity has improved at a lower pace than in other developed countries," he added.
Chosun Ilbo (September 18, 2006)
http://english.chosun.com/w21data/html/news/200609/200609180006.html |
Are you the bad news bunny? You've posted about 3 negative news stories today and i seem to remeber you've posted a few more  |
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