In response to increasing inflation, the South Korean government has created task forces across several ministries to strengthen the monitoring of essential food and other items, and to implement necessary measures quickly. Last week, Finance Minister Choo Kyung-ho declared that prices are expected to stay high due to external factors and unlucky weather, and promised to activate a government-wide price stabilization program.
The Oceans Ministry has formed a team to manage seven price-sensitive seafood products, such as pollack, mackerel, cuttlefish, and bay salt. The team will make frequent visits to check prices, and more items can be added to the list if needed. Prices of bay salt have risen 15 percent this year, and the consumer price index for seafood items was 3 percent in October.
The Agriculture Ministry has also set up a task force to monitor the prices of seven items, including instant noodles, bread, coffee, ice cream, and milk. Consumer prices for ice cream rose 15.2 percent in October, while milk and bread prices increased 14.3 percent and 5.5 percent, respectively. The Finance Ministry also has a task force to examine the supply situation of major items and devise necessary measures.
A finance ministry official said that the special teams will help the government to combat inflation quickly. The government plans to hold a vice minister-level meeting on prices every week, beginning this week.
Salt, fish sauce and other products are on display at a discount store in Seoul for the annual kimchi-making season. (Yonhap)
The government of South Korea has created task forces across multiple ministries in order to regulate prices and maintain inflation. Led by vice ministers of each ministry, the task forces are meant to monitor the prices of essential food and other items, and to promptly implement necessary measures. Finance Minister Choo Kyung-ho has announced that the government will activate a price stabilization program to combat the rising inflation.
The Oceans Ministry has created a team to manage the prices of seven seafood products, such as pollack, mackerel, cuttlefish, and bay salt. Additionally, the Agriculture Ministry has formed a task force to control the prices of seven items, including instant noodles, bread, coffee, ice cream, and milk. The Finance Ministry also has a task force to check the supply situation of major items and devise necessary measures.
A finance ministry official said that the special teams will help the government to swiftly combat inflation. The government plans to hold a vice minister-level meeting on prices every week, starting this week.
Salt, fish sauce and other products are on display at a discount store in Seoul for the annual kimchi-making season. (Yonhap)