The average household income in South Korea rose four-point-one percent on-year in the fourth quarter but was outpaced by inflation.

According to data from Statistics Korea, the average monthly household income nationwide came to four-point-83 million won, or around 37-hundred U.S. dollars, per month in the fourth quarter of 2022.

Taking inflation into account, however, real income dropped one-point-one percent from last October to December, marking the second consecutive quarter of decline for real income.

This comes as household utility fees for gas and electricity as well as interest payments increased to all-time highs during the same period, skyrocketing at around 16 percent and 29 percent, respectively.

Meanwhile, monthly household consumption climbed five-point-eight percent to an average of two-point-six million won, or just above two-thousand dollars, with increased spending on travel, entertainment, dining out or ordering in meals.

The figure diminished, however, when weighed against inflation, falling to just zero-point-seven percent.