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12/08/2014

Topic Reading-Vol.971-12/8/2014

Dear MEL School’s Topic Readers,
South Korea approves cigarette price hike
Forget about Christmas presents or New Year’s gift money. South Korean smokers are rushing to stock up their cigarette inventory before a huge price hike on New Year’s Day.
An 80% price increase was approved by the parliament with the aim of reducing the male smoking rate down to below 30% by 2020 from current 43%, which is the highest among the developed countries.
The price of a pack of cigarettes is going to rise from 2,500 won to 4,500, about the same price for two litters of gasoline, a Big Mac meal in McDonald's or a Twister meal from KFC.
The new comparable price doesn't seem so extreme compared to the ones in other developed countries but it’s a significant hike for Korean smokers.
Besides stoking up their favorite cigarettes, they have two options. Maintain the number of cigarettes to light a day by cutting the budget on other items or consumption, or quit or reduce smoking. Though the impact of the price hike looks substantial, the effect remains to be seen in the next few years.
Enjoy reading and learning about the challenges for 43% of male adults in Korea.

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