First Vice Finance Minister Kim Byoung-hwan (R) speaks during a meeting of economic vice ministers in Seoul on April 26, 2024, in this photo provided by his office. (Image courtesy of Yonhap)
SEOUL, Apr. 26 (Korea Bizwire) — The finance ministry said Friday the government will lower tariffs levied on seven farm products and other food imports, including cabbages and grapes, starting May to curb still-high inflation.
The planned move through the tariff-rate quota is part of the country’s flexible tariff system, where the government temporarily adjusts basic tariff rates on imported goods to stabilize prices and protect domestic producers, among other goals.
“Prices of seven products of cabbage, Chinese cabbage, carrot, grape, dried laver, seasoned laver and cocoa beans remain unstable, and the government will remove tariffs within next month,” First Vice Finance Minister Kim Byoung-hwan said during a meeting of economic vice ministers in Seoul.
“Price stabilization is more important than any other things for the recovery of domestic demand and for supporting the livelihood of the people,” he added.
Consumer prices, a key gauge of inflation, increased 3.1 percent on-year last month, rising over 3 percent for the second consecutive month on high prices of fruits, fresh food items and energy.
Inflation has been trending down steadily before reaching its target rate of 2 percent by the end of this year, though officials have said the pace has been slower than earlier expected.
(Yonhap)
