South Korea, Philippines, Thailand Report Surging Inflation

Bloomberg Markets and Finance published this video item, entitled “South Korea, Philippines, Thailand Report Surging Inflation” – below is their description.

South Korea’s inflation hit its fastest clip since late 1998 in June. The Philippines’ consumer prices rose more than economists expected, accelerating to the fastest since late 2018. Thailand’s retail inflation accelerated to a new 14-year high. Michelle Jamrisko reports on Bloomberg Television.

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In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.

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South Korea, an East Asian nation on the southern half of the Korean Peninsula, shares one of the world’s most heavily militarized borders with North Korea. It’s equally known for its green, hilly countryside dotted with cherry trees and centuries-old Buddhist temples, plus its coastal fishing villages, sub-tropical islands and high-tech cities such as Seoul, the capital.

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Thailand is a Southeast Asian country. It’s known for tropical beaches, opulent royal palaces, ancient ruins and ornate temples displaying figures of Buddha. In Bangkok, the capital, an ultramodern cityscape rises next to quiet canalside communities and the iconic temples of Wat Arun, Wat Pho and the Emerald Buddha Temple (Wat Phra Kaew). Nearby beach resorts include bustling Pattaya and fashionable Hua Hin.

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