Koo Yunchul: "Special Management of Living Costs... No Tolerance for Food Price Collusion or Unfair Practices"

Koo Yoonchul, Deputy Prime Minister for Economy and Minister of Economy and Finance, is delivering remarks at the "Ministerial Task Force on Special Management of Livelihood Prices" he presided over on the 26th at the Government Complex Seoul in Jongno-gu. Ministry of Economy and Finance

Koo Yunchul, Deputy Prime Minister for Economy and Minister of Economy and Finance, stated on the 26th, "We will not allow anyone, under any circumstances, to gain profits through collusion or unfair practices involving essential living costs such as food, which are the most important items for our people."

Deputy Prime Minister Koo made these remarks as he chaired the second meeting of the "Interministerial Task Force for Special Management of Living Costs" at the Government Complex Seoul in the morning, adding, "We will never overlook expedient or illegal practices that undermine market confidence, and we will ensure they are rectified to the very end."

Deputy Prime Minister Koo stressed, "The reason we weed out the garden is not to pick the flowers, but to save the entire garden," and added, "It is desirable to generate profits and make money through innovation or new ideas."

Deputy Prime Minister Koo continued, "The government is exerting its utmost efforts in every direction to stabilize living costs, including fact-finding surveys and on-site inspections of items closely tied to people's livelihoods, as well as imposing fines on companies suspected of collusion over food prices," and added, "We will select key items for special management that are closely related to people's daily lives, such as pork and eggs, and closely analyze the factors driving price increases in order to devise stabilization measures."

In particular, regarding the recent cuts in sugar and flour prices, he emphasized that the government will thoroughly manage the situation to ensure that these reductions lead to price stability for products that use them as raw materials. He also announced plans to operate public proposal channels for citizens through consumer organizations and ministry websites.

At the meeting, reports were also delivered on "Review and Improvement Measures for the Tariff Quota System" and "Measures to Improve and Strengthen the Management of School Uniform Prices and Private Education Fees."

Deputy Prime Minister Koo said, "To stabilize food prices and other living costs, the government has been operating a tariff quota system, but many cases have been uncovered in which some businesses exploited the government's good intentions to obtain unjust gains," and added, "We will conduct intensive customs investigations and high-intensity special probes into companies that abuse the tariff quota system."

With regard to concerns that school uniform prices are becoming a 'back-breaker,' he said, "With the new school year in March approaching, we will review school uniform prices and private education fees, which are a burden for students and parents," and added, "We will examine the appropriateness of school uniform prices through a full-scale survey, change the support method from in-kind support to cash or voucher support, and shift from suit-style uniforms to more practical daily-wear uniforms."

The government also plans to focus on inspecting excessive charges and indirect increases in private education fees, and to raise the reward for reporting excessive tuition fees.