Yoon Orders "Special Measures to Stabilize Prices for Ordinary People" (Update)

President-elect Yoon Suk-yeol is responding to reporters' questions as he enters the 20th Presidential Transition Committee set up at the Financial Supervisory Service Training Institute in Tongui-dong, Jongno-gu, Seoul, on the afternoon of the 5th.
[Image source=Yonhap News]

[Asia Economy Reporter Jeong Dong-hoon] On the morning of the 6th, President-elect Yoon Seok-yeol received a report on price measures from the economic subcommittee secretaries of the Presidential Transition Committee (PTC) and instructed, "Despite the difficult domestic and international conditions, prioritize measures to stabilize the livelihood of the people, including prices, as the top task of the new government."

According to the PTC, President-elect Yoon made these remarks after receiving a report on price trends from PTC Planning and Coordination Subcommittee Secretary Chu Kyung-ho, Economic Subcommittee 1 Secretary Choi Sang-mok, and Economic Subcommittee 2 Secretary Lee Chang-yang at his office in Tongui-dong.

On that day, the economic subcommittee secretaries of the PTC reportedly explained the causes and background of the consumer price index exceeding 4% in March for the first time in 10 years, as well as the ripple effects on the public in the future, stating that "various economic indicators and price forecasts are bleak not only for the first half but also for the second half of this year." According to the consumer price trend for March announced by Statistics Korea the day before, the consumer price index last month was 106.06 (2020 base 100), a 4.1% increase compared to the same month last year. The price increase rate exceeding 4% was the first time in 10 years and 3 months since December 2011 (4.2%).

Chief Spokesperson Won said, "The PTC is seriously recognizing the current economic situation, including price trends, and urged the current government to prepare extraordinary measures to stabilize prices for ordinary citizens, including a reduction in fuel tax, which the PTC requested from the current government."

The PTC requested a 30% reduction in fuel tax from the current government on the 31st of last month, and the Ministry of Economy and Finance announced measures the day before to expand the fuel tax reduction rate to 30% from May to July and to provide fuel-linked subsidies to commercial freight trucks and buses.

Deputy Chief Spokesperson Won responded to a question about whether freezing public utility charges is being considered by saying, "The transition committee members feel that something, including public utility charges, is tightly suppressed (in terms of price pressure)," adding, "When these factors explode all at once, there is concern about the economic situation where prices rise along with public utility charges within the macroeconomic flow and the economic outlook for the second half of the year."

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