Ahead of Chuseok, 'Price Special Committee'... "Keep Announcing 'Sufficient Supply Volume'"

[Image source=Yonhap News]

[Asia Economy reporters Lee Ji-eun and Kwon Hyun-ji] On the 23rd, about two weeks before the Chuseok holiday, the People Power Party gathered officials from departments related to prices to hold a special price committee meeting to discuss stabilizing the livelihood of the people.

Ryu Seong-geol, chairman of the People Power Party's Special Price Committee, stated at the meeting held at the National Assembly, "Expected inflation has decreased from 4.7% to 4.3%. Regarding the prices of various items for Chuseok, I believe the administration should continuously send signals that supply volumes are sufficient."

He emphasized, "Each department should continue to make announcements psychologically indicating that supply volumes are sufficient," adding, "This also applies to stockpiles, including vegetables."

Regarding the rise in interest rates amid high inflation, he said, "Interest rate matters are the sole prerogative of the Bank of Korea," and added, "From a theoretical perspective, I personally think production, prices, and credit should be comprehensively considered, and that part will be handled by the Bank of Korea, which is responsible for credit and monetary policy."

At the meeting, directors and bureau chiefs from related ministries including the Ministry of Economy and Finance, Ministry of Agriculture, Food and Rural Affairs, Ministry of Land, Infrastructure and Transport, Ministry of Oceans and Fisheries, Ministry of SMEs and Startups, Fair Trade Commission, and Financial Services Commission attended to report on measures to stabilize prices ahead of Chuseok. The contents of the meeting were fully disclosed.

Chairman Ryu said, "The reason for full disclosure is not only because these are matters to report to the special committee but also promises made to the public," and added, "Please ensure that the plans are carried out without any setbacks so that there is not a single gap in stabilizing prices for Chuseok."

He further emphasized, "I hope this Chuseok will be more price-stable and economically secure for ordinary people than any other Chuseok, so that everyone can have a joyful Hangawi."

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