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To: lorne who wrote (5033)	1/2/1998 6:39:00 PM
From: lorne	Respond to of 116759

Korea : Thursday, January 1, 1998 Consumer Prices Skyrocketing As feared, consumer prices have started skyrocketing. As the foreign exchange and interest rates kept increasing even after the injection of the International Monetary Fund (IMF) rescue fund, the consumer prices rose by 6.6% over 1997, recording a six-year high increase rate. Manufacturers prices also increased by 10.9 percent, marking a sixteen-year high. In particular, imported goods prices, which are directly affected by the foreign exchange rates, rose by 36.3 percent. According to the '1997 Prices Trends,' announced by the Ministry of Finance and Economy (MOFE) and the Bank of Korea (BOK) December 31, 1997, the consumer prices increased by 2.5 percent and the manufacturer prices rose by 8.2 percent in December alone. This was mainly because of the sharp increase in prices for petroleum and manufactured goods, which in turn was due largely to the foreign exchange rates hike. Accordingly, it will be hard for the Korean government to keep the consumer prices increase rate under five percent in 1998 as agreed in the negotiation with the IMF