Nearly nine out of 10 South Korean consumers plan to cut down on their spending in the near future due to rising prices, a poll showed Monday.

The survey of 500 consumers by the Korea Chamber of Commerce and Industry found that 86.8 percent of the respondents said they will reduce their consumption due to high prices.

Of the consumers polled, 95 percent said that prices have increased this year compared with the previous year.

“The inflation rate has stabilized in recent months, but more consumers seem to feel that prices have gone up this year from last year due to a rise in perishable food prices,” the KCCI said.

South Korea’s consumer prices increased at a slower pace in March, keeping the on-year growth in the 1 percent range for the fifth straight month. The country’s consumer price index rose 1.3 percent on-year in March, slowing from a 1.4 percent gain in the previous month.

As part of efforts to cut their spending, 41.2 percent of the respondents will reduce how often they buy goods, while 24.5 percent will hunt for bargains. (Yonhap News)