Government to step up efforts to tame inflation amid renewed Middle East tensions
Consumer prices, a key gauge of inflation, increased 3.2 percent in June from a year earlier, marking the sharpest increase since December 2023, when the…
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Summary
Consumer prices, a key gauge of inflation, increased 3.2 percent in June from a year earlier, marking the sharpest increase since December 2023, when the figure was at the same level. Finance Minister Koo Yun-cheol speaks during a meeting in Seoul on Friday. (Yonhap) South Korea will step up efforts to ease upward pressure on consumer prices amid renewed geopolitical tensions in the Middle East and announce detailed measures to address unfair market practices next month, the finance minister said Friday. Finance Minister Koo Yun-cheol made the remarks during a meeting to examine consumer prices with relevant ministries, as renewed tensions between the United States and Iran are feared to lead to yet another disruption in global supply chains.
Furthermore, "We will make thorough preparations and stay vigilant, as consumer prices and supply chains could face challenges due to escalating volatility in global oil prices following the renewed tensions in the Middle East," Koo said. "The government will come up with proposals to revise the Price Stabilization Act in August, including measures to impose tougher sanctions against hoarding and allow the preemptive disposal of confiscated goods," the finance minister said. South Korea will also make efforts to improve the effectiveness of its inflation-control measures, Koo added.
In addition, The finance minister added the government aims to bring consumer inflation, which has recently remained above 3 percent from a year earlier, down to the 2 percent levels in July. Koo said the government will also make efforts to ensure its expanded tariff-rate quota programs lead to an actual decline in consumer prices in the second half. (Yonhap).
Cross-referenced from 2 sources.
Factual coreconfirmed by several independent voices
Consumer prices, a key gauge of inflation, increased 3.2 percent in June from a year earlier, marking the sharpest increase since December 2023, when the figure was at the same level.
reliability low1/2 sourcesFinance Minister Koo Yun-cheol speaks during a meeting in Seoul on Friday. (Yonhap) South Korea will step up efforts to ease upward pressure on consumer prices amid renewed geopolitical tensions in the Middle East and announce detailed measures to address unfair market practices next month, the finance minister said Friday.
reliability low1/2 sourcesFinance Minister Koo Yun-cheol made the remarks during a meeting to examine consumer prices with relevant ministries, as renewed tensions between the United States and Iran are feared to lead to yet another disruption in global supply chains.
reliability low1/2 sources"We will make thorough preparations and stay vigilant, as consumer prices and supply chains could face challenges due to escalating volatility in global oil prices following the renewed tensions in the Middle East," Koo said.
reliability low1/2 sources"The government will come up with proposals to revise the Price Stabilization Act in August, including measures to impose tougher sanctions against hoarding and allow the preemptive disposal of confiscated goods," the finance minister said.
reliability low1/2 sourcesSouth Korea will also make efforts to improve the effectiveness of its inflation-control measures, Koo added.
reliability low1/2 sourcesThe finance minister added the government aims to bring consumer inflation, which has recently remained above 3 percent from a year earlier, down to the 2 percent levels in July.
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Koo said the government will also make efforts to ensure its expanded tariff-rate quota programs lead to an actual decline in consumer prices in the second half. (Yonhap)
according to The Korea Herald
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