A report by the Statistics Korea Monday said only Mexico had price levels lower than that of Korea, with a comparative price index of 94. In 2005, the price index of six more were lower than the benchmark index of 100 for Korea, including 68 of Slovakia, 69 of Czech Republic, 72 of Hungary and Poland. Turkey and Portugal had price indexes of 84 and 94 in 2005.
Higher indexes represent higher living expenses of member nations. With a price index of 120, one should expect goods to be 20 percent more expensive than goods here under the benchmark index of 100.
Denmark had the highest price levels, with an index of 248 followed by Switzerland, Ireland and Japan at 236, 228 and 224 for the index. Finland, Norway, Belgium and France also had high price level indexes with 221, 213, 189 and 188 respectively.
“Fluctuations in exchange rates are variables in comparing price of goods, but goods here are cheaper than they are in most advanced countries,” said an official at the Finance Ministry.
