<기사>First Vice Minister Gi Jae: "Inflation Stabilizes in the Mid-2% Range in the Second Half"

Government Holds 'Price-Related Vice Ministers' Meeting'
June Consumer Price Inflation Rate at 2.4%
Living Costs Also Enter 2% Range

Kim Byung-hwan, the 1st Vice Minister of the Ministry of Economy and Finance, stated, "Inflation in the second half of the year is expected to stabilize in the low to mid 2% range as originally forecasted by the government."

The Ministry of Economy and Finance announced on the 2nd that it held the '26th Vice Ministerial Meeting on Inflation' at the Government Seoul Office Building, chaired by Vice Minister Kim, to discuss response measures to price trends of major items.

Vice Minister Kim said, "If there are no special additional shocks, inflation in the second half of the year will stabilize in the low to mid 2% range as originally forecasted by the government."

Kim Byung-hwan, Vice Minister of Strategy and Finance, is delivering opening remarks at the "26th Vice Ministerial Meeting on Prices" held on the morning of the 2nd at the Government Seoul Office in Jongno-gu, Seoul.

On the same day, Statistics Korea reported that the consumer price index in June rose by 2.4% compared to the same month last year, marking the lowest level in 11 months since July last year (2.4%). Due to the decline in agricultural product prices, the living cost inflation rate also entered the 2% range.

However, Vice Minister Kim added, "Although the accumulated high inflation means that the perceived inflation remains high, there are concerns that uncertainties in inflation conditions may increase in July due to summer climate effects and volatility in international oil prices. Therefore, the government will maintain vigilance and continue efforts to stabilize prices of essential goods such as food."

The government newly applied tariff quotas on seven food raw materials, including coffee concentrate, and extended the tariff quotas on 28 types of fruits, including bananas, until the end of September. After the partial reduction of the oil tax, the government plans to strengthen inspections through the inter-ministerial oil market monitoring team to prevent unfair price increases.

The Ministry of Economy and Finance stated, "We will continue to support the food and dining industries to reduce their burdens and maintain ongoing communication with the industry to ensure that the decline in international food raw material prices is reflected in product prices."