Acting Finance Minister Lee Hyoung-il (L) (Image courtesy of Yonhap)
SEOUL, June 12 (Korea Bizwire) – Acting Finance Minister Lee Hyoung-il said Thursday that all efforts will be made to stabilize consumer prices, adding that the government will announce related countermeasures as soon as possible.
Lee, newly appointed as the first vice finance minister and currently serving as acting minister due to a vacancy, made the remarks while presiding over a vice ministerial meeting on consumer prices.
“Consumer prices are the government’s top priority, and the government will mobilize all available resources across ministries to stabilize prices felt by the public,” Lee said, adding that relevant measures will be announced as soon as possible.
In May, the consumer price rose 1.9 percent, growing at the 1 percent level for the first time in five months on falling global oil prices, while a weaker local currency continued to raise the cost of major industrial goods.
“While the recent consumer price index shows a stabilizing trend around 2 percent, the overall price level remains high due to accumulated inflation over the past several years,” said Lee, emphasizing that food prices, in particular, continue to rise at a fast clip.
In a related move to ensure a stable food supply, the government announced that it will resume imports of poultry and related products from regions in Brazil unaffected by the recent avian influenza outbreak, starting June 21.
The decision comes amid growing concerns over potential domestic supply shortages, as Brazil accounts for more than 80 percent of South Korea’s chicken imports.
Last month, Seoul imposed a ban on poultry imports from Brazil, following the country’s official notification to the World Organization for Animal Health of a highly pathogenic avian influenza outbreak at a breeder farm in the southern state of Rio Grande do Sul.
Later, Lee reiterated his commitment to stabilizing consumer prices while speaking with reporters.
“Regardless of inflation figures, households are still struggling due to the prolonged burden of accumulated price increases,” he said, adding that the government will review the situation across sectors, including agricultural products and processed foods.
Lee also addressed concerns about real estate prices, saying the ministry will continue monitoring the situation.
(Yonhap)
