South Korea consumer sentiment dips as food inflation emerges as top election issue

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SEOUL: South Korea's consumer sentiment dropped sharply in March on growing worries about higher produce prices, a central bank survey showed on Tuesday (Mar 26), as inflation hitting the dinner table emerges as a major policy issue at next month's elections. The consumer sentiment index fell to 100.

A shopkeeper naps as she waits for customers at a traditional market in Seoul, South Korea, on Apr 7, 2022. SEOUL: South Korea's consumer sentiment dropped sharply in March on growing worries about higher produce prices, a central bank survey showed on Tuesday , as inflation hitting the dinner table emerges as a major policy issue at next month's elections.

Experts have attributed higher prices of agricultural products in part to poor weather but the opposition Democratic Party has targeted President Yoon Suk Yeol's government for mismanaging the economy. Consumer inflation shot to the headlines after Yoon visited a supermarket last week and picked up a bundle of green onions saying"I'd say 875 won is a reasonable price", seemingly unaware the item was on sale and subject to heavy government subsidy.

On Tuesday, in the produce section of a large supermarket in Seoul, customers were seen snatching up green onions and zucchinis piled up for sale at below-market prices on government subsidies, but many remained sceptical the relief would last.

 

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