[THE INVESTOR] The price of water supplied by public utility companies will be hiked by an average 4.8 percent later this week, the government said on Sept. 19.

The price of tap water used by households will be increased to 323.6 won (US$0.29) per ton, up 14.8 won from the current 308.8 won, according to the Ministry of Land, Infrastructure and Transport.

The increase will mark the first of its kind since January 2013 but only the second in 10 years.

“Over the past 10 years, consumer prices have spiked 27.5 percent, with prices of raw materials jumping 30.7 percent, but city water prices only represent 84 percent of supply costs as the price has been raised only once in 10 years,” the ministry said in a press release.

Following the latest increase, effective as of Sept. 23, the price will represent 88.3 percent of costs, it said, adding the price hike is expected to cost an additional 141 won per month for each household.

(theinvestor@heraldcorp.com)