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Middle-class hit hardest by 2022 inflation: data

All News 09:00 June 02, 2023

By Kang Yoon-seung

SEOUL, June 2 (Yonhap) -- South Korea's middle class experienced a heavier burden from the country's steep inflation in 2022 compared with the lower- and upper-income brackets, data showed Friday.

According to an experimental report released by Statistics Korea, the on-year rise in consumer prices for the middle class came to 5.2 percent in 2022, slightly above the nationwide increase of 5.1 percent.

The agency noted the data, compiled for the first time, is not considered an official government report but was released for testing purposes.

In contrast, the lower 20 percent experienced an inflation rate of 5.1 percent, aligning with the national average.

The data also revealed that the highest 20 percent faced an inflation rate of 5 percent, suggesting they bore a relatively lighter burden from inflation.

In terms of households, inflation reached 5.3 percent among those headed by individuals aged 60 and above, slightly surpassing the average.

In contrast, households led by individuals aged 39 and below experienced an inflation rate of 4.9 percent, suggesting that younger generations were comparatively less impacted by consumer price hikes.

The rise in consumer prices for single-member households came to 4.8 percent on-year in 2022, staying below the 5.1 percent growth posted by those with more than two people.

Middle-class hit hardest by 2022 inflation: data - 1


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