Kim Beom-seok, First Vice Minister of the Ministry of Economy and Finance, stated on the 7th, "The consumer price index for February recorded 2.0%, the target level for price stability, due to the slowdown in the price increase of petroleum products and agricultural products. If there are no special supply-side shocks for the time being, it is expected that the level will remain around 2%."
On the same day, Vice Minister Kim chaired the 53rd Economic Relations Vice Ministers' Meeting, which also served as the Price Relations Vice Ministers' Meeting and the Livelihood Economy Inspection Task Force (TF) at the Government Seoul Office, where he made these remarks. The meeting discussed trends and response directions for agricultural product prices, growth strategies for the Korean tourism market, and measures to activate artificial intelligence (AI).
"To prepare for uncertainties such as abnormal climate and volatility in international oil prices, all ministries will continue efforts to stabilize prices," he said. Vice Minister Kim emphasized, "We will continue discount support measures such as releasing 500 tons of directly imported napa cabbage weekly and supplying radish stockpiles at about 70% of the wholesale price, and we will additionally apply tariff quotas to six items including cocoa processed products and fruit cocktails."
He also said, "We will reduce the cost burden on a total of 20 food raw materials by additionally applying tariff quotas to six items, including cocoa processed products and fruit cocktails, whose prices have recently surged," and urged the industry to participate in price stabilization efforts by minimizing factors for price increases through cost reduction efforts.
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