In order to preemptively respond to factors causing price instability, the government decided to apply new tariff quotas to cabbage, cabbage, carrots, grapes, dried seaweed, cocoa beans, and seasoned seaweed.
In addition, the fuel tax cut will be extended by two months until June, and market surveillance will be strengthened in areas closely related to people’s lives, such as agricultural and livestock products, processed foods, and industrial products.
In addition, we decided to urge the food industry to participate in easing the burden on the public by strengthening cost reduction efforts.
On the 24th, the Ministry of Strategy and Finance held a meeting on price stability-related issues with Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok with ministers of related ministries at the Seoul Government Complex to discuss price trends and response measures for agricultural and livestock products, petroleum products, processed foods, and industrial products, as well as major sector markets. They said they discussed ways to strengthen surveillance.
Attending the meeting on this day were Minister of Agriculture, Food and Rural Affairs Song Mi-ryeong, Minister of Oceans and Fisheries Kang Do-hyung, Fair Trade Commission Chairman Han Ki-jeong, Office for Government Policy Coordination Director Bang Ki-seon, Ministry of Trade, Industry and Energy Choi Nam-ho, and Second Vice Minister of Land, Infrastructure and Transport Baek Won-guk.
Attendees recognized that, while prices are fluctuating around the world, including the recent rebound in U.S. prices, prices for agricultural, livestock and fishery products in Korea are still high compared to the previous year, and price uncertainty has increased due to increased volatility in international oil prices due to the Middle East crisis. together.
Accordingly, it was decided to unwaveringly focus the capabilities of all ministries to establish a price stabilization policy as soon as possible, including proactively responding to factors causing price instability.
First of all, with regard to agricultural, livestock and fishery products, we decided to expedite the introduction process by applying new tariff quotas to cabbage, cabbage, carrots, grapes, and dried seaweed, whose prices have recently continued to be strong, so that we can supply the tariff reduction within next month.
In addition, for 25 items with high prices, such as cabbage, cabbage, tomatoes, and carrots, the unit price of delivery will be supported to lower the price perceived by consumers.
Six types of popular fish, including pollack, mackerel, squid, cutlassfish, croaker, and dried anchovies, are scheduled to be fully supplied within this month, following the government’s supply of 1,559 tons, or 79.5% of the original plan, from last month to the present.
In the case of petroleum products, as the fuel tax cut, which was scheduled to end this month, was extended for two months until June, it was decided to strengthen market inspections to ensure that there is no excessive price increase beyond the rise in international oil prices.
The government plans to check price trends through weekly oil market inspection meetings until international oil prices stabilize, while operating a government-wide oil market inspection team to strictly respond to illegal activities such as collusion and tax evasion.
In addition, we decided to manage the prices of economical gas stations to keep them 30 to 40 won lower than the market price.
For processed foods, in addition to the 29 food raw materials to which existing quota tariffs are applied, quota tariffs will be applied to cocoa beans and seasoned seaweed, whose prices have recently risen, to help reduce the industry’s cost burden.
The government also decided to urge the food industry to fully reflect the tariff reduction on food raw materials and the recent downward stabilization of international grain prices in product prices and to strengthen its own cost reduction efforts.
We also decided to intensively inspect daily necessities such as detergents and shampoos to ensure that distribution margins are not excessively reflected in large convenience stores and marts.
In addition, it was decided to significantly strengthen the Fair Trade Commission’s market surveillance function in areas closely related to people’s lives, such as agricultural and livestock products, processed foods, and industrial products.
The Fair Trade Commission analyzes the level of competition in each sector and works with the relevant ministries to find ways to improve the system. If illegal activities such as collusion are suspected based on the results of the analysis, the Fair Trade Commission promptly initiates an investigation and strengthens monitoring from the consumer’s perspective through the Consumer Agency.
The government will continue to maintain a high level of vigilance, and all ministries will place price stability as the top policy priority and will make every effort to quickly settle prices in the 2% range.
Inquiries: Ministry of Strategy and Finance, Economic Policy Bureau, Comprehensive Policy Division (044-215-2710), Price Policy Division (044-215-2770), Livestock, Livestock, Fisheries and Livestock Price Response Team (044-215-2931), Horticultural Industry Division, Distribution and Consumption Policy Director, Ministry of Agriculture, Food and Rural Affairs ( 044-201-2231), Petroleum Industry Division, Resources and Industry Policy Bureau, Ministry of Trade, Industry and Energy (044-203-5220), Distribution and Logistics Division, Medium Business Policy Division (044-203-4380), Living Logistics Policy Team, Logistics Policy Division, Ministry of Land, Infrastructure and Transport (044-201-4152) ), International Aviation Division, Aviation Policy Division (044-201-4207), Distribution Policy Division, Fisheries Policy Division, Ministry of Oceans and Fisheries (044-200-5440), Competition Policy Division, Competition Policy Division, Fair Trade Commission (044-200-4300)
Tags: Quota tariff applied items including cabbage cabbage .. efforts stabilize inflation range Policy News news
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