Deputy Minister Ki Jae: "High Grain Prices Raise Perceived Inflation... Efforts to Manage Prices"

Kim Yong-beom, First Vice Minister of Strategy and Finance, is delivering opening remarks at the '11th Innovation Growth Strategy Review Meeting' held on the 26th at the Government Seoul Office in Jongno-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

[Sejong=Asia Economy Reporter Moon Chaeseok] The government has determined that the rise in international grain prices is leading to an increase in the perceived inflation rate among the public and has decided to take measures.

On the 26th, the government held a Korean New Deal review meeting combined with a price-related vice ministerial meeting at the Government Seoul Office Building, chaired by Kim Yong-beom, the 1st Vice Minister of the Ministry of Economy and Finance, and announced this.

Vice Minister Kim said, "Since the second half of last year, the rise in international grain prices has led to price increases in processed foods such as instant rice, bakery products, and tofu, resulting in higher perceived inflation," adding, "To ease the burden on industries struggling due to rising raw material prices, the government is actively considering measures such as supplying government stockpiles and expanding financial and tax support."

He continued, "Efforts are also being made to reduce price increase factors, focusing on items closely related to the daily lives of ordinary citizens."

However, regarding agricultural and marine product prices, which have been a major factor in recent consumer price increases, he forecasted, "Except for some items, prices are expected to stabilize due to supply and demand management efforts and favorable weather conditions."