Kim Byunghwan, 1st Vice Minister, "We Will Create Conditions for Industry to Participate in Price Stabilization"

Emergency Economic Vice-Ministerial Meeting and Price-Related Vice-Ministerial Meeting

Kim Byung-hwan, First Vice Minister of the Ministry of Economy and Finance, spoke about recent price trends on the 26th at the Emergency Economic Vice Ministers' Meeting and Price-Related Vice Ministers' Meeting held at the Government Seoul Office in Jongno-gu, Seoul. Photo by Jo Yong-jun jun21@

As processed food and daily necessities companies show a domino effect of price increases, Kim Byung-hwan, First Vice Minister of the Ministry of Economy and Finance, stated on the 26th, "We will create conditions for related industries to participate in price stabilization in connection with the government's support to reduce cost burdens."

Vice Minister Kim presided over the '39th Emergency Economic Vice Ministers' Meeting and the 19th Price-Related Vice Ministers' Meeting' at the Government Seoul Office, saying, "We will strive further to ensure that the economic recovery trend quickly leads to improved consumer sentiment and stabilization of people’s livelihoods."

At the meeting, the progress of this year's economic policy direction, the status of price stabilization responses by ministries, and measures to improve the distribution structure of agricultural and marine products were discussed.

Vice Minister Kim first mentioned, "The real GDP growth rate in the first quarter of this year grew by 1.3% (preliminary figure), showing a strong growth rate more than twice the market expectations, and in terms of content, it demonstrated a dynamic and exemplary form of 'private-led growth' and 'balanced growth between domestic demand and exports.'"

He also evaluated, "Emphasizing that price stabilization is most important for domestic demand recovery and livelihood stabilization, since April, prices of agricultural, livestock, and marine products such as cucumber, zucchini, imported beef, and hairtail have generally shown a downward trend."

However, he stated, "For seven items including napa cabbage and carrots, which still show price instability, we will apply tariff quotas in May and prepare measures to improve the distribution structure of agricultural and marine products."

Regarding some price increase movements in processed foods and daily necessities, he emphasized that the government will create conditions for related industries to participate in price stabilization in connection with support to reduce cost burdens, and will respond firmly to unfair practices such as collusion.

Finally, he added, "Based on today's discussions, we will concretize major policy tasks such as providing customized employment services throughout the entire youth employment process, creating quality jobs, and resolving educational disparities."