The government held a meeting of price-related ministries on the 2nd and announced that September consumer prices posted an increase in the 2% range despite upward pressure such as rising international oil prices. In particular, agricultural, livestock and fishery products fell year on year for the second consecutive month, buoyed by Chuseok livelihood stabilization measures.
 [코리안투데이] 물가관계부처회의 및 민생침해 범정부 합동대응반 개최 © 장형임 기자 |
Lee Joo-seop, Director-General of the Livelihood Economy Bureau at the Ministry of Finance and Economy, chaired the ‘Price-Related Ministerial Meeting and Government-wide Joint Response Team on Livelihood Violations’ at 8 a.m. on the 2nd, discussing September consumer price trends, progress on measures to improve the distribution structure for agricultural, livestock and fishery products, and the status of the government-wide joint response to livelihood violations.
The meeting was attended by the Ministry of Finance and Economy (chair) as well as the Ministry of Agriculture, Food and Rural Affairs, the Ministry of Oceans and Fisheries, the Fair Trade Commission, the Data Agency, the Ministry of Food and Drug Safety, the National Police Agency, the National Tax Service and the Korea Customs Service, among other relevant agencies.
Director-General Lee assessed that ‘despite rising international oil prices, September prices posted an increase in the 2% range thanks to government policy efforts to stabilize prices.’ The September consumer price inflation rate was 2.9% year on year, having risen from 2.8% in July to 3.1% in August before settling back into the 2% range.
 [코리안투데이] 물가관계부처회의 및 민생침해 범정부 합동대응반 개최 © 장형임 기자 |
For agricultural, livestock and fishery products, a base effect stemming from last year’s late Chuseok (the second week of October) acted as upward pressure, but prices fell year on year for the second consecutive month thanks to the largest-ever discount support and supply expansion under the Chuseok livelihood stabilization measures. The year-on-year rate for these products continued its downward trend, moving from 3.2% in June and 0.9% in July to -2.6% in August and -0.3% in September. As for Chuseok holiday staples, agricultural and livestock supply reached 178,000 tons, exceeding the planned 163,000 tons, while 20,000 tons of fishery products were supplied out of the planned 22,000 tons (to be supplied through October).
 [코리안투데이] 물가관계부처회의 및 민생침해 범정부 합동대응반 개최 © 장형임 기자 |
Petroleum prices fell slightly from the previous month, with gasoline holding steadily in the 1,850-won range and diesel in the 1,840-won range. The government estimates that the price ceiling scheme eased the inflation rate by 0.6 percentage points in September, and that without it, September inflation would have reached 3.5%. Accordingly, it explained that Korea posted a lower rate than major economies where inflation expanded due to rising energy prices. Between July and August, year-on-year inflation was flat in the United States at 3.4% and rose in the eurozone from 2.9% to 3.3%, while Korea moved from 2.8% to 3.1% and then to 2.9% in September.
Director-General Lee urged that ‘as upward price pressure continues amid the prolonged Middle East war and other factors, the government must do its utmost to manage prices stably,’ adding that ‘in particular, we will strengthen supply, demand and price management by item for agricultural, livestock and fishery products and continue efforts to improve the distribution structure, while sparing no effort to stabilize petroleum prices through the price ceiling scheme and fuel tax cuts and to support vulnerable groups through measures such as oil-price-linked subsidies.’
 [코리안투데이] 물가관계부처회의 및 민생침해 범정부 합동대응반 개최 © 장형임 기자 |
The meeting also reviewed the status of investigations and crackdowns, conducted through the government-wide joint response team on livelihood violations, into unfair practices in livelihood-related items such as food and education, as well as livelihood violations including illegal private lending, ticket scalping and shrinkflation (quantity gimmicks). In particular, participants shared results from investigations into financial crimes that harm livelihoods, such as illegal private lending and ticket scalping, and agreed to continue related crackdowns. To date, 1,730 people in 1,359 cases of illegal private lending (81 in custody) and 157 people in 126 cases of ticket scalping (2 in custody) have been arrested.
The government plans to continue swiftly pursuing institutional improvements, including revisions to relevant laws, through cross-ministerial cooperation to establish a fair market order. This response is seen as focusing on protecting consumers from illegal financial and trading practices targeting ordinary people, as well as stabilizing grocery and fuel prices, at a time when perceived prices and living-cost burdens directly affect households.
지역 홍보대사 신청 기자양성과정 신청 코리안투데이 지부장 신청 코리안투데이 인천강화코리안브랜드대상 신청 최고경영인대상 신청 소비자만족도대상 신청
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