Convenience stores are the new go-to lunch place for South Koreans as inflation soars

South China Morning Post published this video item, entitled “Convenience stores are the new go-to lunch place for South Koreans as inflation soars” – below is their description.

Inflation is at a 14-year high in South Korea, and with rising lunch menu prices at restaurants, some office workers in the East Asian country are turning to convenience stores for lunch food. For under US$5, they can pick from a range of food items, including rice rolls, instant noodles and sandwiches. Government statistics show that prices for some popular lunch items at restaurants have risen significantly. The common Korean short rib soup known as galbitang, for example, now costs 12.2% more, while the price of cold noodles or naengmyun, has gone up by 8.1%.

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About This Source - South China Morning Post

The South China Morning Post (SCMP), with its Sunday edition, the Sunday Morning Post, is a Hong Kong-based English-language newspaper founded in 1903. It is Hong Kong’s newspaper of record, owned by Alibaba Group.

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In This Story: Inflation

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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