Vice Oceans Minister Park Sung-hoon (C) checks prices of seafood at a discount chain store in Seoul on Nov. 2, 2023. (Image courtesy of Yonhap)
SEOUL, Nov. 9 (Korea Bizwire) — South Korea has launched a government-wide special scheme on the management of prices of key food and other items to bring inflation under control, the finance ministry said Thursday.
Vice ministers of all government ministries are supposed to be in charge of monitoring prices of items concerned and implementing necessary countermeasures in a swift manner, while some ministries had been in charge of checking prices, according to the Ministry of Economy and Finance.
The beefed-up response came as the country is struggling with stubbornly high 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 has said that prices have been and are expected to ease at a slower-than-expected pace amid external uncertainties and unfavorable weather conditions, and vowed to make all-out efforts to stamp out inflation.
The government also launched a weekly vice ministerial-level meeting on prices Thursday to discuss joint responses among ministries.
“Prices of gasoline and diesel have been on a constant decrease over the past four weeks, and prices of agricultural items have been stabilized. We’ve seen positive signs, and the government will continue to be on high alert,” First Vice Finance Minister Kim Byoung-hwan said during the meeting.
The agricultural and oceans ministries set up their respective task forces in charge of conducting on-site surveys to monitor prices of major price-sensitive fresh food products and supply situations, such as milk, bread, ice cream, coffee, pollack and bay salt.
According to data from Statistics Korea, the consumer price index of ice cream surged 15.2 percent in October from a year ago, with milk and bread prices jumping 14.3 percent and 5.5 percent, respectively.
Prices of bay salt jumped around 15 percent on-year this year, and the consumer price index for seafood items came to 3 percent last month.
(Yonhap)
