South Korean household income rose 2.4% year-on-year in the first quarter as employment gains and expanded social safety-net support lifted earned, business and transfer income, finance ministry data showed Thursday. Real household income, adjusted for inflation, rose just 0.4%, while real consumption expenditures increased 3.1% and household surplus fell 3.1% as spending accelerated. Transfer income rose 9.7%, sharply outpacing the 0.3% increase in earned income.

The Ministry of Economy and Finance linked its policy response directly to inflation and supply risks stemming from the war in Iran, pledging stronger management of prices and supply conditions for goods tied closely to