Seoul Subway, Bus Fares To Increase By 300 Or 400 Won

(CTN NEWS) – SEOUL – Since the beginning of the year, transportation costs have fluctuated, which has added to ordinary people’s worries after increases in the price of power and city gas.

Plans to enhance Seoul’s anticipated April fare increases for the subway and buses by up to 400 won are being studied.

With this winter’s coldest spells increasing demand for heating energy, voices of worry about the “heating expense bomb” have spread throughout many communities.

The cost of living for the general public is rising steadily due to the ongoing increases in public utility bills.

The Seoul Metropolitan Government declared that two recommendations for fare increases of 300 won and 400 won will be presented at a public hearing on subway and bus rates the following month.

It originally intended to pursue a plan to raise 300 won, but a suggestion to boost the amount by 400 won has been added. According to subway fares, increases of 300 won and 400 won will increase 24% and 32%, respectively.

In addition, starting the next month, the standard fare for medium-sized taxis in Seoul will increase by 1,000 won. Other local governments are getting ready to raise traffic fees at a comparable rate.

People are reportedly terrified to even glance at their utility bills because most have already increased or will increase soon.

Due to the widespread cold weather this winter and the 38% increase in city gas prices over four times last year, many households have seen their heating costs rise by up to hundreds of thousands of won this month.

Starting this month, the cost of power for domestic usage has increased by 9.5 percent. After the second quarter, further price increases for city gas and electricity are anticipated.

Rising costs for raw materials indeed make rate increases for public utilities inevitable. The issue is that if public utility rates increase all at once, there is a strong likelihood that prices will increase once more.

Regular individuals will inevitably feel a tremendous burden in a situation where the inflation rate last year was the highest in 24 years.

Inflation is influenced by a wide range of factors, including the rise in raw material costs brought on by China’s reopening (resumption of economic activity), which may have an inflationary impact.

Additionally, a slowdown in inflation shouldn’t lead to complacency.

Regarding the government’s future, it’s also true that some people worry that the government is waiting to watch how prices play out.

Choo Kyung-ho, the deputy prime minister and minister of strategy and finance, predicted that inflation would be in the 4% to 3% area at the end of the first quarter and in the second half.

If inflation persists, it will reduce real household income, which will undoubtedly cause a delay in the consumption recovery. If we don’t control pricing, people’s livelihoods won’t be stable, so we need to remain attentive.

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