1H Perceived Consumer Inflation Rate at 5.4%...4 Times Higher Than Official Stat

SEOUL, KOREA- During the first half of the year, the severity of inflation "felt" by consumers was more than four times that of official statistics by the government. According to a report "The Difference between Middle Class as Defined by OECD and Actual Middle Class" published by Hyundai Economic Research Institute on September 1 based on an August 13-19 survey on 1,015 adults, the inflation rate calculated by consumer perceptions was 5.4 percent from the same period last year.

This is as much as 4.2 times higher than the official statistics put out by the Korea Statistical Office at 1.3 percent. What's notable was that the perceived consumer inflation rate was higher for those families who consider themselves as lower middle class (5.7%) than those who believe they belong to solid middle class (5.2%).

In a survey held in August, the inflation rate had been 5.0 percent, surpassing the official rate (1.2%) by the same 4.2 times. This is largely because the prices for items closely related to everyday livelihood have risen more steeply.

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