Key Highlights :
The prices of clothes and shoes in Korea rose at an unprecedented rate in May, reaching the highest level in 31 years, according to government data released Tuesday. This is largely attributed to the increasing number of people enjoying outdoor activities after the yearslong pandemic.
The price index for clothing and shoes rose 8 percent in May from a year ago, marking the fastest on-year growth since May 1992, when it reached 8.3 percent. Prices of semi-durable goods have been steadily increasing over the past year, having risen to around 5 percent in November and 6 percent in March from 1.8 percent in April last year.
In particular, prices of gloves jumped 18.1 percent in May, those of T-shirts gained 14.3 percent and those of dresses rose 13.7 percent last month. This growth is much higher than that of the country's consumer price index, which rose a seven-month low of 3.3 percent last month.
The monthly inflation in Asia's fourth-largest economy peaked at 6.3 percent in July last year and has been on a steady decline since then. The country has been returning to pre-pandemic normalcy since the beginning of this year, lifting nearly all COVID-19 restrictions, including indoor mask mandates, from June.
The government has been focusing on economic recovery and the reopening of businesses, which has led to an increase in consumer spending. This has resulted in a surge in prices of clothes and shoes, as more people are able to access these goods.
The increase in prices of clothes and shoes is expected to continue in the coming months as the economy continues to recover and people's spending habits remain high. The government is also likely to take measures to ensure that prices remain stable and that the cost of living does not become too high.
Overall, the rise in prices of clothes and shoes in Korea is a positive sign, as it indicates that the economy is on the road to recovery and that people are enjoying the benefits of the post-pandemic world. It is important to monitor the situation closely to ensure that prices remain stable and that the cost of living does not become too high.