By Choi Sung-jin
The overall price levels of Korea are in the middle to low range within the Organization for Economic Cooperation and Development, a little higher than Spain but slightly lower than Germany.
According to Statistics Korea Saturday, the nation's comparative price levels ranked 22nd in June among the OECD's 35 member nations, including Latvia that is pushing to join the club of relatively rich countries.
The monthly comparative price levels (CPLs) — the ratios of purchasing power parities for private final consumption expenditure to exchange rates — provide measures of differences in price levels between countries.
If Korea's CPL is 100 and that of a foreign country is 120, the country's prices are about 20 percent more expensive than those of Korea. In June, Germany and Spain had CPLs of 106 and 96, respectively.
Among the countries with lower CPLs than Korea were Greece (88), Portugal (87), Slovenia (86), Estonia (79), Chile (76), Latvia (74), Slovakia (70), Czech Republic (68), Turkey (64) and Hungary (59). Particularly, price levels in Mexico (58) and Poland (55) were barely higher than half of Korea's.
The most expensive country in comparison with Korea in June was Switzerland with a CPL of 171 — more than 70 percent higher than Korea's. Other countries with higher price levels were Denmark (147), Norway (145), Iceland (142), Australia (133), Israel (133) and the United Kingdom (130).
Koreans traveling to these countries should know that prices there are at least 30 percent higher than they are at home, the national statistical agency said.
Countries with price levels more than 20 percent higher than Korea were Sweden (129), New Zealand (129), Ireland (128), Luxembourg (127), Finland (128) and Japan (120).
Those with price levels more than 10 percent higher than Korea were Canada (117), Belgium (116), the United States (115), the Netherlands (115), France (113) and Austria (112), the agency said.
The overall price levels of Korea are in the middle to low range within the Organization for Economic Cooperation and Development, a little higher than Spain but slightly lower than Germany.
According to Statistics Korea Saturday, the nation's comparative price levels ranked 22nd in June among the OECD's 35 member nations, including Latvia that is pushing to join the club of relatively rich countries.
The monthly comparative price levels (CPLs) — the ratios of purchasing power parities for private final consumption expenditure to exchange rates — provide measures of differences in price levels between countries.
If Korea's CPL is 100 and that of a foreign country is 120, the country's prices are about 20 percent more expensive than those of Korea. In June, Germany and Spain had CPLs of 106 and 96, respectively.
Among the countries with lower CPLs than Korea were Greece (88), Portugal (87), Slovenia (86), Estonia (79), Chile (76), Latvia (74), Slovakia (70), Czech Republic (68), Turkey (64) and Hungary (59). Particularly, price levels in Mexico (58) and Poland (55) were barely higher than half of Korea's.
The most expensive country in comparison with Korea in June was Switzerland with a CPL of 171 — more than 70 percent higher than Korea's. Other countries with higher price levels were Denmark (147), Norway (145), Iceland (142), Australia (133), Israel (133) and the United Kingdom (130).
Koreans traveling to these countries should know that prices there are at least 30 percent higher than they are at home, the national statistical agency said.
Countries with price levels more than 20 percent higher than Korea were Sweden (129), New Zealand (129), Ireland (128), Luxembourg (127), Finland (128) and Japan (120).
Those with price levels more than 10 percent higher than Korea were Canada (117), Belgium (116), the United States (115), the Netherlands (115), France (113) and Austria (112), the agency said.
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