The consumer price gap between Korea and the U.S. is closing rapidly. According to data from the National Statistical Office and the Organization for Economic Cooperation and Development (OECD), last December Korea's consumer price level was 95 based on a benchmark of 100 for the average price of goods in the U.S. That means a product that costs W100 in the U.S. costs W95 in Korea. The gap with the U.S. has narrowed 13.1 percent from December 2004, when Korea's price index was 84.

If the benchmark of 100 is based on Korea's prices, the corresponding index for Japan was 129. In France the index was 127, Germany 128, and the U.K. 132. Ireland's index was 167, the highest of all the nations compared. Measured by the Korean benchmark, Mexico's consumer price index was 76, the Czech Republic's and Poland's were 72 and Portugal's was 95.

(englishnews@chosun.com )