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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