The South Korean government has launched a task force tasked with monitoring and managing the supply and prices of fresh food and other essential items, as part of efforts to alleviate inflation, which remains high, the Ministry of Foreign Affairs announced. Economy and Finance.
«We will redouble our efforts to manage the prices of items that affect the daily life of the villageuntil we reach the target rate of 2 percent,” the ministry said in a statement.
The launch of the new entity comes as inflationary pressure in South Korea remains high, mainly due to high prices for fruit and other agricultural products, as well as energy, amid unfavorable weather conditions and volatility. of global oil prices.
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The task force will monitor retail prices of key items, devise measures to reform the logistics structure and ensure price stabilization, through close cooperation with relevant ministries.
The South Korean government plans to reduce tariffs on imports of some fruits and vegetables and increase the marketing of government reserves of agricultural products.
According to the ministry, the Government also asked companies to join such efforts, given the recent extension of fuel excise tax cuts and the reduction of the tariff quota on imported raw materials.
In April, consumer prices, a key indicator of inflation, fell below 3 percentfor the first time in three months, up to 2.9 percent, but fresh food prices soared 1.91 percent year-on-year, due to exorbitant fruit prices.
Source: https://reporteasia.com/economia/comercio/2024/05/03/corea-sur-lanza-grupo-trabajo-pangubernamental-inflacion/
