Hong Nam-ki: "Daily Inter-Ministerial Check on Lunar New Year Goods Prices... Timely Measures if Necessary"

Presiding Over the First Expanded Ministry of Economy and Finance Meeting of the New Year... Emphasizing Price Management

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, presides over and speaks at the expanded Ministry of Economy and Finance executive meeting via video conference at the Gwanghwamun Government Seoul Office Building on the 10th. (Photo by Ministry of Economy and Finance)

[Sejong=Asia Economy Reporter Moon Chaeseok] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, held the first expanded executive meeting of the new year at 3 p.m. on the 10th and ordered thorough price management of 16 essential items as part of the Lunar New Year livelihood stabilization measures.

Deputy Prime Minister Hong said, "Among the Lunar New Year livelihood stabilization measures announced on the 6th, above all, daily monitoring of the supply and price stability of the 16 essential items should be conducted among related ministries, and timely measures should be taken if necessary."

He added, "In addition to essential items, actively monitor prices of crude oil and other raw materials, processed foods, and dining out to minimize the ripple effects on inflation," and emphasized, "Separately, pay special attention to monitoring exchange rate movements."

Deputy Prime Minister Hong assessed that in a situation where the Omicron variant virus is spreading worldwide, it is necessary to address strengthening quarantine measures, supporting small business owners, and promoting domestic demand and exports all at once.

He said, "In the context of the global spread of Omicron and the decoupling of the two major countries (G2), we must 'minimize negative impacts while maximizing opportunities.' Domestically, quarantine control and alleviation of difficulties for small business owners should be implemented, and domestic demand and exports should be promoted while managing prices and eliminating policy conflicts."

He continued, "In such a complex economic situation like a high-order simultaneous equation, maintaining policy consistency is as important as the policy content itself, so it is always necessary to keep this in mind."

He also emphasized the need for communication with the field, including companies. He instructed, "During January and February, please collect vivid opinions from companies and strengthen communication with the field by arranging and conducting meetings with the five major groups, visits to traditional markets and other livelihood sites, as well as price and export sites."

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