"All Vice Ministers as Price Stability Officers"…Launch of Inter-Ministerial Special Price Stabilization System

Vice Ministerial Meeting on Prices Held on the 9th

The government has launched an inter-ministerial special price stabilization system. All deputy ministers of each ministry have been assigned the role of price stabilization officers to quickly monitor price trends.

On the 9th, Kim Byung-hwan, First Vice Minister of the Ministry of Economy and Finance, held the 1st Deputy Ministerial Meeting on Prices at the Export-Import Bank of Korea to review price and livelihood stabilization measures, including supply stabilization measures for kimchi-making ingredients. This meeting is a follow-up to the launch of the inter-ministerial special price stabilization system discussed at the Emergency Economic Livelihood Meeting on the 1st and the Emergency Economic Ministerial Meeting on the 2nd.

Kim Byung-hwan, Vice Minister of Strategy and Finance, is presiding over the '1st Vice Ministers' Meeting on Prices' held at the Korea Eximbank in Yeongdeungpo-gu, Seoul, on the morning of November 9, delivering opening remarks.

Going forward, each ministry’s deputy minister will serve as a price stabilization officer to closely monitor the prices and supply trends of items under their jurisdiction and prepare item-specific price response plans for rapid price response. In response to recent price uncertainties, the approach will shift from focusing on some price-related officials to having all ministries jointly prepare response measures. Additionally, each ministry will autonomously establish on-site response teams for more tangible and prompt price responses. From now on, they will actively visit sites to understand on-site conditions and difficulties, making every effort to stabilize prices.

The Ministry of Economy and Finance has activated a price stabilization field response team to inspect major agricultural and livestock product production areas such as eggs, green onions, and napa cabbage. The Ministry of Agriculture, Food and Rural Affairs and the Ministry of Oceans and Fisheries have also activated price stabilization response teams to strengthen price monitoring of agricultural, livestock, fishery products, and food, and to listen to difficulties at production and distribution sites. Led by the Ministry of Trade, Industry and Energy, an inter-ministerial petroleum market inspection team is operating to check gas station price trends weekly and strengthen crackdowns on illegal activities in the distribution stage.

Vice Minister Kim also reviewed the implementation status of already announced price and livelihood stabilization measures, including supply stabilization measures for kimchi-making ingredients. According to the Ministry of Economy and Finance, prices of napa cabbage and green onions, which were unstable last month, have stabilized since the announcement of the measures. As government-supplied quantities were provided, the price per head, which was 3,466 won on the 7th, fell to about 50% of the level in early October.

The Ministry of Economy and Finance stated, “The government will maintain vigilance and operate the inter-ministerial special price stabilization system until the price stabilization trend is firmly established,” adding, “Based on on-site responses by each ministry, we plan to continuously implement price and livelihood stabilization measures that have a high sense of impact.”