Last month, taxi fares showed the largest increase since the foreign exchange crisis. City and intercity bus fares are also rising significantly, pushing up the overall cost of public services.
According to the National Statistics Portal of the National Statistical Office on the 6th, the ‘taxi fare’ index among public service prices last month was 120.19 (2020 = 100), up 19.1% from a year ago. It was the largest increase since it rose 21.0% in January 1999 during the foreign안전놀이터 exchange crisis.
The rate of increase in taxi fares, which had been hovering around 0%, has been increasing since it rose 1.5% in December last year. Following a 17.8% increase last July, the increase rate approached 20% in August.
The large increase in the taxi fare index last month is the cumulative result of regional taxi fare increases that began in December last year.
The increase in taxi fares began in earnest in December last year when late-night surcharges for taxis in the Seoul and North Chungcheong regions rose. In January of this year, taxi fares in Ulsan and Daegu increased, and in February, the basic fare for Seoul taxis increased. Since then, taxi fares have continued to rise in Busan, Gyeongnam (June), Incheon, Gwangju, Daejeon, and Gyeonggi (July), and Chungbuk, Jeonbuk, and Gyeongbuk (August).
An official from the National Statistical Office said, “As the number of regions where taxi fares are rising has increased since last year, the rate of increase in the taxi fare index has been increasing.”
City and intercity bus fares are also on the rise. Last month, city bus and intercity bus fares rose 8.1% and 10.2%, respectively, compared to a year ago. This is the largest increase since June 2016 (9.3%) and February 2020 (11.4%), respectively.
As public transportation fares continued to rise, prices for public services rose 1.7% last month compared to a year ago. This is the largest increase in 1 year and 10 months since October 2021 (6.1%).
The inflation rate for public services, which remained in the 0% range until February of this year, rose to the 1% range in March (1.2%) and then expanded for two consecutive months in July and August.