Busan City Takes Action to Stabilize Prices! ... Busan City Holds 'Price Stabilization Measures Meeting' with Fair Trade Commission and Retailers

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] Busan City held a 'Price Stabilization Measures Meeting' on the 24th at the small conference room on the 12th floor of City Hall.

As the prolonged COVID-19 pandemic continues to cause difficulties in citizens' lives, consumer prices have recently recorded a high rate of increase.

The upward trend is expected to continue for a considerable period, prompting Busan City to work with related organizations such as the National Tax Service to prepare price stabilization measures for the stability of the low-income economy.

The meeting was attended by related organizations including Busan City, Busan Research Institute, Bank of Korea Busan Headquarters, Busan Regional National Tax Service, Fair Trade Commission Busan Office, as well as major local supermarkets and wholesale corporations.

The meeting discussed understanding major economic trends in the Busan area and sector-specific measures for price stabilization.

Looking at consumer price trends, the price increase of agricultural, livestock, and marine products slightly narrowed after the holidays, but strong prices continue mainly in processed foods and personal service fees.

Due to the rise in raw material prices such as crude oil caused by international circumstances, price increases are expected to expand further across all items including industrial products and personal service fees.

The city plans to promote the stabilization of living prices for citizens by checking the progress of price stabilization by each institution through the meeting and discussing sector-specific price stabilization measures.

Kim Yoon-il, Deputy Mayor for Economic Affairs of Busan City, said, “Price stabilization is more important than anything else for the stability of low-income citizens' lives, so we will join forces with related organizations to fully respond to price stabilization.”

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