Last year, the consumer price increase rate in Ulsan soared to the mid-2% range, the highest in 10 years. This is due to the fact that supply-side factors have increased inflation pressure due to the rise in international oil prices, while demand-side factors have also gradually expanded due to the recovery of domestic demand. The upward trend in consumer prices is expected to continue for the time being.
According to the consumer price trend of the Southeast Regional Statistical Office on the 2nd, the consumer price index in Ulsan in 2021 will be 102.49 (2020 = 100), up 2.5% from the previous year.
The annual inflation rate showed a decreasing trend in 2019 (-0.3%), followed by an increase of 0% in 2020 (0.3%), but jumped to 2% last year, recording the highest level since 2011 (4.0%). The cost of living index, which explains the perceived cost of living, rose 3.3% from last year.
Last year, the price increase in Ulsan showed a tendency to become steeper towards the latter half of the year. The inflation rate, which was only 1.0% in January, entered the 2% range in April and rose to the 3% range in October. Following the 3.1% in October and 3.8% in November, December also ended the year at 3.8%.
The reason that the price increase rate in Ulsan soared to the mid-2% range last year was largely due to the combination of rising prices of agricultural, livestock and fishery products, international raw material prices, and demand recovery.
Agricultural and fishery products rose 9.1%, the highest increase since 2011 (10.4%). Pears (49.3%), green onions (36.5%), garlic (32.4%), peaches (31.8%), watermelons (28.3%), apples (25.6%), and cutlassfish (18.1%) showed the largest increase.
Industrial products rose 2.2%, the highest rate since 2012 (2.7%). In particular, petroleum products (15.5%) rose the most since 2008 (19.6%) due to the rise in international oil prices. By individual item, gasoline rose 14.8%, diesel 16.8%, and LPG for automobiles 17.7%.
Processed foods also rose 2.0% due to rising milk prices.
However, electricity, gas and water prices fell 2.9% due to city gas and electricity rate cuts.
Last year, services rose 1.9%. Rent rose 1.7%, the highest rate since 2014 (1.7%). Jeonse (2.3%) and monthly rent (1.1%) both rose. Personal services such as eating out sashimi (4.3%) rose 2.4% as consumer sentiment revived due to the corona vaccination. Public services also rose 0.7%.
An official from the National Statistical Office said, “Though the situation such as international oil prices, grain and raw material prices, and global supply chains is easing significantly, there is a time lag, so it is highly likely that a fairly high upward trend will continue for the time being.”
Reporter Seok Hyunju [email protected]
