S. Korea's food price rises at 2nd fastest rate in OECD: report

15:24, October 07, 2010      

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South Korea topped the second-fastest rate of food price gain among Organization for Economic Cooperation and Development (OECD) members in August, the organization said Wednesday.

According to a report released by the organization, consumer prices related to food and related products in South Korea advanced 5.7 percent year-on-year in August, rising at the second highest rate among the 33 members of the OECD.

South Korea's price gain was hovering over the OECD average of 1.4 percent, while it stood right below the top rank taken by Turkey with a 10.4 percent price jump.

South Korea secured the second rank for the second straight month after its food rise recorded 4.7 percent in July.

The apparent sharp hike in food prices in the country was mainly attributed to the local weather conditions which deteriorated the local fresh food market, ministry officials said.

In order to tackle the problem, South Korean authorities are working to expand imports by lowering duties and removing caps on minimum market access quotas for certain vegetables.

In terms of consumer prices, meanwhile, South Korea stood at the seventh highest level, with the price gain marking 2.6 percent, well below the inflation target of 3.0 percent.



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