Consumer Outlook Grim

Koreans expect inflation to rise more than three percent over the coming year, the most pessimistic outlook in almost 10 years, a survey suggests.

According to a survey earlier this month of 2,309 households by the Bank of Korea, inflation in May is being forecast at 3.3 percent. It stood at less than three percent in March and April, but actual consumer prices increased over four percent for two months running and could surpass five percent this month.

The job market outlook is also bleak. Last month, the number of employed people increased by 865,000, the biggest increase in 22 years, but 1.54 million people were found working less than 15 hours a week in mostly precarious and temporary jobs, and 49.5 percent of them were senior citizens.