Salt, fish sauce and other products are on display at a discount store in Seoul for the annual kimchi-making season. (Image courtesy of Yonhap)
SEOUL, Nov. 6 (Korea Bizwire) — South Korea has launched task forces under several ministries to beef up the monitoring of prices of key food and other major items and to implement necessary measures swiftly as part of efforts to bring inflation under control, officials said Monday.
The establishment of the entities, led by vice ministers of each ministry, came as South Korea is struggling with high-flying inflation. Overall consumer prices, a key gauge of inflation, accelerated in October for the third consecutive month to rise 3.8 percent on-year.
Finance Minister Choo Kyung-ho said last week that prices have been and are expected to be eased at a slower-than-expected pace amid external uncertainties and unfavorable weather conditions, and vowed to activate a government-wide special scheme on price stabilization.
On Monday, the oceans ministry said it set up a special team in charge of managing prices and supply situations of seven price-sensitive seafood items, including pollack, mackerel, cuttlefish and bay salt.
The task force will conduct on-site surveys more frequently to check their prices, and more items can be put on the list if needed, according to the officials.
Prices of bay salt jumped around 15 percent on-year this year, and the consumer price index for seafood items came to 3 percent in October, they added.
The agriculture ministry established its own task force in charge of controlling prices of seven key items, including instant noodles, bread, coffee, ice cream and milk in response to a recent spike in their prices.
The consumer prices index for ice cream soared 15.2 percent in October from a year ago, with milk and bread prices jumping 14.3 percent and 5.5 percent, respectively, according to government data.
A separate task force under the finance ministry was meant to check the supply situation of major items and devise necessary measures.
“The special teams are expected to help the government seek and carry out measures against inflation in a swift manner,” a finance ministry official said.
“The government plans to hold a vice minister-level meeting on prices on a weekly basis as early as this week,” he added.
(Yonhap)
