[경제전망]Is electricity bill rising in the second quarter? Announcement of a recurrence prevention plan for’LH land speculation’ is imminent

[세종=아시아경제 권해영 기자] The government is also discussing measures to prevent recurrence of the Korea Land and Housing Corporation (LH) this week. Deputy Prime Minister Hong Nam-ki and Minister of Strategy and Finance said, “We are conducting a review with the aim of finalizing and announcing measures to eradicate speculation and prevent recurrence and innovative measures for LH by the end of this month.” This means that the plan will be announced as early as this week and at the latest next week.

LH innovation plans are also being sought. Deputy Prime Minister Hong said, “LH roles and functions, organization and manpower, business structure and promotion, etc., as well as strengthening integrity and ethical management, are thoroughly inspected in all areas.”

◆2nd quarter electricity bill announced on the 22nd… The government stops raising to manage inflation =On the 22nd, KEPCO will disclose electricity rates for the second quarter reflecting the fuel cost index. With the recent rapid rise in liquefied natural gas (LNG) prices, stock prices have analyzed that the fuel cost adjustment unit price in the second quarter will rise by 2 won per kilowatt-hour (kWh) if LNG prices rise. According to the Ministry of Economy, Trade and Industry of Japan, the price of LNG jumped from $6.5 per million BTU (calorie unit) at the end of December last year to $16.3 last month.

The variable is the government’s policy of stabilizing utility charges in response to concerns about inflationary instability. Kim Yong-beom, the 1st Vice Minister of the Ministry of Science and Technology, said, “We will ensure that the impact on consumer prices is minimized by stably managing utility bills in the second quarter.” Electricity rates have a broader impact on the economy than other products and services. From the perspective of the government, there are also observations that if the electricity rate rises, it is impossible to take into account the aftermath of the storm, which could lead to a brake on the electricity rate hike in the second quarter.

◆Bank of Korea announces producer price index for February 24th… Last year’s Korean social indicators were also released =On the 24th, the Bank of Korea releases the’February Producer Price Index’. Prior to January, the producer price index rose for three consecutive months. Inflation of agricultural, forestry and fishery products jumped 7.9% in January, and industrial product prices rose 1% due to strong international oil prices. Diesel, naphtha, and gasoline rose 9.7%, 14%, and 7.5%, respectively, showing a clear rise in coal and petroleum products. As international oil prices, raw materials, and grain prices continue to rise, it is noteworthy whether the producer price index in February rose for the fourth month.

On the 25th, the National Statistical Office will release Korea’s 2020 social indicators. Social indicators reflect Korea’s social aspects such as population, household and family, health, education and training, labor and leisure, income, consumption, assets, housing, living conditions, crime and safety, social integration and subjective well-being. It is expected that various social changes caused by last year’s Corona 19 can be clearly confirmed.

Reporter Kwon Hae-young [email protected]