Government: "February inflation may exceed 3%... Intensive inspections at gas stations"

The government expressed concerns, stating that "this month's inflation rate could exceed 3%."

On the 29th, Kim Byung-hwan, the 1st Vice Minister of the Ministry of Economy and Finance, held the 11th Vice Ministerial Meeting on Prices at the Government Seoul Office to review recent inflationary pressures.

The attendees assessed that this week, the strong prices of fruits such as apples and pears, caused by last year's poor harvest, continue, and that international oil prices, which had risen due to instability in the Middle East, remain at around $80 per barrel. As a result, the inflation rate in February is likely to increase compared to January, potentially exceeding 3%.

The government decided to strengthen efforts to stabilize prices with heightened vigilance.

Regarding fruits, the government will continue to provide discount support for apples and pears next month, while also improving the system to allow large retailers to directly import fruits, ensuring that the 300,000 tons of tariff-reduced imported fruits for the first half of the year are supplied promptly.

Additionally, for the entire month of next month, a pan-government oil market inspection team plans to visit gas stations nationwide weekly to conduct focused inspections to prevent price hikes taking advantage of rising international oil prices.