Deputy Minister Ki Jae: "The Possibility of Rapid Inflation Is Limited"

The 32nd Emergency Economic Central Countermeasures Headquarters Regular Briefing
"Gradual Stabilization of Agricultural and Livestock Product Prices... Thorough Price Management Ensured"

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Kim Yongbeom, the 1st Vice Minister of the Ministry of Economy and Finance, said regarding concerns about inflation due to economic recovery, "The possibility of a rapid inflation exceeding the Bank of Korea's inflation stabilization target of 2% is limited."

At the regular briefing of the 32nd Emergency Economic Central Countermeasures Headquarters and the 10th New Deal Ministers' Meeting on the 31st, Vice Minister Kim stated, "Due to the government's efforts to stabilize the supply and demand of agricultural products and the entry into a stable phase of avian influenza (AI), prices of agricultural and livestock products are expected to gradually stabilize." He judged that if the recent surge in agricultural and livestock product prices, which is behind the recent inflation rise, is curbed, the expansion of the inflation trend will not occur.

Vice Minister Kim emphasized, "Uncertainties related to COVID-19 still persist," and added, "It is necessary to observe further how much demand recovery will drive price increases."

He also said, "The rise in international oil prices is expanding the increase in gasoline prices, and international grain prices are also maintaining strength," adding, "Processed food and feed prices may act as additional upward pressure."

He then added, "The government is well aware of the ripple effects that inflation has on the overall economy and the livelihood economy," and "We will make every effort to thoroughly manage prices."

This content was produced with the assistance of AI translation services.