Ministry of Land, Infrastructure and Transport Holds First Meeting of 'Price Stabilization TF'... "Will Reduce Burden of Transportation and Housing Costs"

[Asia Economy Reporter Ryu Tae-min] The Ministry of Land, Infrastructure and Transport announced on the 2nd that it has formed a Land, Infrastructure and Transport Price Stabilization Task Force (TF) and held its first meeting chaired by First Vice Minister Lee Won-jae.

The TF is led by Vice Minister Lee and includes directors from departments related to prices such as housing, construction, transportation, aviation, roads, railroads, and public transit. Given the global expansion of inflationary pressures and the domestic price increase to the 4% range for two consecutive months, the TF aims to proactively identify price stabilization tasks in the land, infrastructure, and transport sectors closely linked to people’s livelihoods. Public transportation fares, such as road tolls and railroad fees, which have a significant impact on the public, will be managed stably for the time being, considering the government’s price stabilization policy.

At the first meeting, government-level support measures were discussed focusing on housing costs and transportation fares. In the housing cost sector, expansion of housing benefits and extension of the freeze on public rental housing rents are being reviewed, and plans to prepare housing supply measures and stabilization measures for the jeonwolse (monthly rent) market are underway. To address the rise in construction material costs, measures to reduce the Korea Housing & Urban Guarantee Corporation (HUG) pre-sale guarantee fees and interest rates on Housing and Urban Fund loans are being pursued.

For public transportation fares such as road tolls and railroad fees, support measures for the industry are being reviewed to prevent cost increases from being passed on to fare hikes. Plans to expedite the expansion of public transit fare discounts through the Altteul Transportation Card and the introduction of integrated commuter passes are also underway.

Vice Minister Lee Won-jae stated, "We will operate the TF effectively and concentrate government capabilities with related ministries to prepare practical measures that minimize additional burdens on the public in housing and transportation."

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