[News UP] Kimjang season is approaching..."Food ingredients for ordinary people" that increase barriers.

■ Host: Cho Jin-hyuk Anchor
■ Starring: Kwon Hyuk-joong, Economic Critic

* The text below may differ from the actual broadcast content, so please check the broadcast for more accurate information. Please specify [YTN News UP] when quoting.

[Anchor]
As kimchi-making season approaches, many people are worried that vegetable prices have risen so much. The government came up with measures a little while ago. Let's look at the economic news that you must know, including this story. I'll be with Kwon Hyuk-joong, an economic critic. Please come in.

[Recommending]
How are you?

[Anchor]
We saw it together a while ago, but the growth environment is sluggish due to the abnormal climate, and the government will directly supply the stockpile of kimchi ingredients or support discount sales. I said you can make kimchi with confidence. How did you like it?

[Recommending]
As kimchi-making season approaches, many housewives are worried about the price of kimchi. First of all, if you look at the government's proposal, it can be divided into three main categories. The first one was about the supply measures. Second, we talked about discount support, and third, we talked about providing information in these three frameworks. In the case of supply, I don't think it's wrong.

Because the reason why it has been called golden cabbage was because highland cabbage was not good due to the heat wave at that time, so cabbage was very expensive until September. But the price of cabbage has dropped now. According to the actual market survey, wholesale prices fell from 9,500 won per head in the middle of last month to 4,267 won as of the middle of this month. Then you'll probably be able to feel the drop in cabbage prices even with retail prices from this week or next week.

I think the government and the government released these statistics. As a result, the price of cabbage may fall. Because autumn cabbage, winter cabbage, and kimchi cabbage are shipped in earnest, they say that the price of cabbage may fall.

Then, in the case of discount support, we should wait and see if it can be really 40% discounted as the government intended in large supermarkets or traditional markets, but the problem is the lack of tax revenue. So, as the government announced, there is a part where you have to see if it will be 40% off as the government announced. I think I'm good at providing information. It is said that information provision generally promotes that you can meet certain discount items wherever you go, so I will look forward to this.

[Anchor]
I'll tell you the news that just came in and continue the conversation. Starting next month, the reduction in fuel taxes on gasoline and diesel will be reduced. The Ministry of Strategy and Finance announced a partial reduction of the flexible fuel tax rate from 20% to 15% for gasoline and 30% to 23% for diesel for two months from November to the end of the year.

As a result, in the case of gasoline from next month, the oil tax cut will be reduced by 5 percentage points, and the price of gasoline will increase by 42 won per liter. Currently, diesel, which is subject to a 30% oil tax cut, has a reduction of 23% and goes up 41 won per liter. The government extended the oil tax cut, which is scheduled to end at the end of this month, until the end of the year, bringing back some gasoline and diesel taxes.

I'll talk to the critic a little more. I just talked about reducing the oil tax. The lack of tax revenue you mentioned earlier can be seen as a solution to this problem, right?

[Recommending]
Since the details are insufficient, in any case, in the case of oil tax, there is a part that needs to be returned to the past, but it needs to be returned. It's not good because public sentiment is so high and prices continue too long. That's why I think I'm thinking about the public sentiment.

So, instead of eliminating the oil tax cut measures altogether, the scope of the reduction measures has been reduced. In the case of oil tax cuts, gasoline was reduced by 20%. The width was reduced. It will be reduced by 5 percentage points, with a 15 percent discount. That's what happened. The cut was reduced. Then, it will go up by 42 won per liter. In the case of diesel, about 41 won will eventually rise from the consumer's point of view under the same name.

Then when should I put the oil in? You have to put it in now. Because it will change from next month. So if you're going to add oil, I'll tell you that it'll be a little more advantageous to fill up enough oil within this week. Perhaps the oil tax cut will continue to decrease over time. So when I see these things, I say that from the perspective of the common people, I have no choice but to go to the burdensome part.

[Anchor]
It is expected that there will be a long line at the self-gas station. If that's the case, the government's producer price index is down now, so over time, the consumer price index will also fall. So we're talking about this, and the producer price index is a price index that reflects the cost of the producer and the cost of energy, but it means that consumers will be able to feel it when it falls. When will we be able to experience it?

[Recommending]
Producer prices are a leading indicator of prices. As you said, as we already know, production followed by consumption. If producer prices fall, consumer prices will also fall soon, you can understand it like this. It's on the chart. In terms of producer prices, in the case of industrial products, oil prices fell due to oil. As you can see, the price of groceries. The price of seafood and agricultural products has gone up.

Compared to the previous month, cabbage and bell pepper rose 61% and 55% respectively. Livestock products also went up. Pork is compared to the previous month. Beef went up by 16% and 11%, so it's actually a little difficult for people who eat a lot of bossam with kimchi right now, it's gone up too much. So I would like to tell you that the prices of marine products, livestock products, and agricultural products have not fallen compared to the previous month. Overall, producer prices fell 0.2% compared to the previous month. However, it fell for two consecutive months compared to the previous month, but if you look at it compared to the same month last year, it rather rose 1%.

So, in order to actually feel this, prices were very high last year, but it will take a little longer to feel that producer prices actually rose 1% this year compared to the same month last year. That's why I'll tell you that it's very important to know the indicators of these statistics accurately.

[Anchor]
The producer price index fell, but you said it would take time to feel it while shopping. I'll look into the seafood as well. There are even rumors that seasonal marine products are disappearing, so how long do you think this atmosphere of gold and fishery products will continue?

[Recommending]
There's a lot of talk about fish inflation in the market right now. Fish and inflation are a combination of words: fish and inflation. There are many people who are worried about prices because of the price of seafood. The price of gizzard shad has increased by 184%. If you look here, it's coming out. I have to eat gizzard shads now, but they say I can't because it's expensive. What's inevitable is that the price of seafood has risen a lot due to the rising water temperature.

There are two reasons. Overfishing followed by rising water temperatures. Gizzard shad grows well between 14 and 21 degrees, but the average water temperature in September and October reached 27 degrees. In fact, it becomes a very difficult environment for gizzard shad to live in. That's why we can't even supply it. And there's even overfishing. As a result, the price is bound to go up very high. As I saw earlier, seafood is going up 184%, so it's hard to eat right now, so look, everything you eat is going up. Agricultural products go up, livestock products go up, fisheries products go up. So, from a housewife's point of view, I think that the news viewers only think that their wallets will become thinner.

[Anchor]
The impact of climate change, such as vegetables and aquatic products, is large, but there are things that are changing due to the influence of the situation. That's the price of gas. As the oil tax cut was reduced a little while ago, it is now expected that gasoline and diesel prices will rise, but international oil prices are fundamentally rising due to the situation in the Middle East. If this happens, it will affect our oil prices again, right?

[Recommending]
Well, fortunately, the government's statistics show that producer prices have fallen month-on-month, and oil prices have been falling. I went in a steady state. That helped me a lot. But again, gas prices have been soaring recently. As you can see, crude oil prices are running again because of concerns in the Middle East, but West Texas Intermediate rose 2.34% last night.

Then, Dubai oil also rose 0.61%, falling below the $70 level and then rising above the $70 level once again. As oil prices run once again, it will inevitably affect the Korean economy in the future. Because Korea is an energy importer. I'm sure you already know. Then the price of oil goes up, the price of oil goes up. Then, of course, we have to pay to buy it, so prices will rise.

Then the import price increases. That will also affect the consumer inflation rate. But what's wrong with rising prices? I'm cutting interest rates now because I think prices will fall, but the pace of rate cuts will slow down. Then the tightening state lasts for a long time.

Then, if the high interest rate is long and the tightening is long, the working class has been having a hard time, but the period lasts longer. So, there are parts that have an adverse effect on the living economy of the common people. So there's something I'm concerned about. So, please let's hope once again that geopolitical risks will be resolved quickly and oil prices will stabilize.

[Anchor]
You said that not only oil prices but also interest rate cuts and monetary policy changes are expected. I prepared stocks today, but I think I should say goodbye here because I'm looking at this and that. I'll bring you back next time and listen to you. I was with Kwon Hyuk-joong, an economic critic. Thank you.