South Koreans have faced surging electricity, gas and heating bills, with the January inflation index hitting a new high since the 1998 financial crisis. | asianewsnetwork
According to the index, electricity prices, in particular, rose 29.5 percent on-year in January, which is the largest on-year jump since January 1981, when the price rose 36.6 percent.
The price of kerosene, which is mainly used by people who live in houses that cannot supply gas, rose by 37.7 percent from a year ago. In these difficult global circumstances, the state-run Korea Electric Power Corp. and Korea Gas Corp. were left with no choice but to raise rates last year. Although the government froze gas rates in the first quarter of 2023, it is still considered burdensome for many Koreans as the price was raised four times last year, in April, May, July and October.Moreover, Koreans are likely to suffer from high energy bills, as the two state-run companies say that 51.6 won per kilowatt-hour of an electricity rate hike in total and 8.4 to 10.4 won per megajoule of a gas rate hike in total is necessary this year.
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