The triple burden, higher than during COVID, is weighing heavily on small business owners and ordinary people

The analysis has found that the “three highs” — high exchange rates, high prices, and high interest rates — are placing a greater burden than during COVID19. On the Seoul foreign exchange market on the 4th, the wondollar exchange rate reached the 1,530 won range for the first time in 17 years, and as prices and loan interest rates also rise, pressure on vulnerable groups is increasing. Selfemployed business owners in Seoul’s Gwanak District and Mapo District complained about rising heating costs, food ingredient costs, labor costs, and rents. As import costs have surged, prices of food and alcohol ingredients are rising, but due to the economic slowdown, it is difficult to raise prices easily. According to the article, consumer prices in May rose 3.1% year on year, and increases in petroleum product prices pushed up inflation. Mortgage and credit loan interest rates are also on an upward trend, and the Bank of Korea has signaled the possibility of raising the benchmark interest rate. Experts believe that selfemployed business owners, young borrowers, and lowincome households may be hit harder than wealthier groups with more assets, and have raised the need to expand existing welfare and support systems.