South Korea said on Monday it will raise electricity prices by 5.3% to partly reflect increased generation costs, a move delayed more than a month because of the likely effect on already high inflation and the cost of living.
It is the second increase in power prices this year after a sharper 9.5% hike that took effect at the beginning of the year. The price adjustment had been due on April 1 but was delayed after a public outcry about the increased cost of living.
Reflecting the political burden facing the government, Energy Minister Lee Chang-yang started his announcement on the decision by saying he was "heavy-hearted about the burden and concern coming from the price increases".
Singapore Latest News, Singapore Headlines
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