Tackling soaring inflation to take center stage in 2024 election: survey

A woman passes by vegetables at a traditional market in Seoul, Nov. 5. Yonhap

An officeworker surnamed Kim is thinking about packing meals to eat at work everyday.

“I used to have lunch and dinner around my office, but spending well over 40,000 won ($31) every day for the same meals has become a bit too much for me,” he said.

Similarly, a mother of two surnamed Park said she only goes grocery shopping once a week to save money.

“I don't buy anything I don't need, but the persistently high prices of everything leave me financially strained."

An office worker surnamed Lee said he is closely following the developments in capital gains tax legislation, especially on stock trading.

“The recent relaxation of rules on large shareholders by the government was good news in that it aligns with the fulfillment of the presidential campaign pledge. This bodes well because the postponed 25 percent tax on stock gains will now come into focus,” Lee said.

The stock investor balked at the idea of levying that much tax on stock gains, since living on his salary alone is simply not possible.

“I earn 5 million won per month after tax, but it falls significantly short as I have to cover my mortgage, car loans, and other expenses," he explained. "Stock trading is my sole avenue to supplement my income. I'm absolutely against any additional taxes on gains I'll manage. The income tax deducted from my monthly payroll is enough.”

These are some of the voters who are prioritizing economy-related issues for the April, 2024 general election.

According to PMI, a local market research firm, the top two most important issues cited were economic policies and price stability.

The survey was based on the responses of 3,000 men and women aged 20 to 69 across the country.

Respondents said they want to see lawmakers who serve the people and prioritize national growth over political bickering or partisan infighting.

The results were explained in large part by widespread economic shocks and concerns, brought on by high prices, high interest and a depreciating Korean currency.

“Regular people feel the pinch of the global economic developments, mostly in the form of sustained high prices of goods and services and heavier interest burden over the pandemic years,” the research organization said.

Deputy Prime Minister and Finance Minister Choi Sang-mok said the government's policies will prioritize the recovery of people’s livelihoods.

“The economic conditions from in the country and abroad remain uncertain, but the challenging times will be navigated by government efforts dedicated to bolstering the dynamics of the country,” he said.

The Bank of Korea said that the monetary tightening will remain in place until inflation cools to the target level of 2 percent for an extended period.

“Inflation is slowing, but it is not expected to dip to the target level until after the fourth quarter,” the central bank said in the monetary policy report for 2024.