Economy Talk

oil crashed 13% on the ceasefire. will my market prices actually come down?

Everybody celebrating the Kospi up 7% and oil falling. Fine. But I have seen this before in my 40 years of buying vegetables and cooking oil. When fuel goes up, the shopkeeper puts the price up the next day. When fuel comes down, somehow it takes six months.

And it's a two-week ceasefire, according to the news. Two weeks. Am I being too cynical or is this how it works everywhere?