韩国央行-高物价与消费：关注家庭消费篮子和金融资产的异质性影响（英）-2024-17页.pdfVIP

Ⅱ.KeyIssues

HighPricesandConsumption:WithaFocusonthe

HeterogeneousImpactoftheHouseholdConsumption

BasketandFinancialAssets

KEYTAKEAWAYS

I.After2021,thecumulativeconsumerpriceinflationwas12.8%(3.8%annually),more

thandoubletheaverageofthe2010s(1.4%annually).Inparticular,inflationcontinuedto

riseatafasterpacein2021and2022asglobalsupplyshockscoincidedwithdemandpressures

fromtheeasingofepidemicpreventionmeasures.

ⓛ

II.Priceincreasesaffectprivateconsumptionthroughthefollowingpaths:reducing

②

households’realpurchasingpowerandreducingtherealvalueoftheirassetsand

liabilities.Thesepathsproducedifferentresults,dependingonthecompositionoftheitems

consumedbyhouseholds(consumptionbasket)andfinancialconditions.

ⓛ

Realinflationrate,whichreflectstheconsumptionbasketofhouseholds,wasfoundto

behigherfortheelderly(16%,2020-2023)andlow-income(15.5%)groups,whichhave

ahighershareofessentialgoodssuchasfoodintheirbasketthanotherhouseholds

(14.3%fortheyoungandprime-agedand14.2%forthehigh-incomegroup).However,

itappearsthatthesevulnerablegroupshavebeenmitigatedthecontractionofconsumption

duetoanincreaseinpublicincometransfers.

②

Thenegativeeffectofadeclineintherealvalueofhouseholds’financialassets(and

liabilities)duetopriceincreases*wasmorepronouncedamongtheelderly(financial

assets)andthoseintheir30swithjeonse(leaseholddeposits).Ontheotherhand,while