Choo Kyung-ho "Inflation Rate to Enter 2% Range... Ramen Prices Must Decrease"

"Hope Ramen Prices Drop Along with Falling Wheat Prices"
"Exposed to Reverse Jeonse Risk Worth About 100 Trillion Won"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho forecasted that the consumer price inflation rate could fall to the 2% range in June or July.

On the 18th, Deputy Prime Minister Choo appeared on KBS Sunday Diagnosis and said, "Prices are gradually stabilizing overall," adding, "I think the inflation rate will enter the 2% range this month or next month." Last month, South Korea's consumer price inflation rate dropped to 3.3%.

Regarding the appropriateness of the ramen price increase, he explained, "Companies raised prices significantly in September and October last year, but the current international wheat price has dropped by about 50% compared to then," adding, "I hope companies adjust prices appropriately in line with the reduced wheat prices."

He continued, "The government cannot investigate costs one by one and control prices," and said, "It would be good if consumer organizations exert pressure on this issue."

Deputy Prime Minister for Economy Choo Kyung-ho is attending the Public Institution Management Committee held at the Government Seoul Office in Jongno-gu, Seoul on the 16th, greeting the attendees. Photo by Yoon Dong-joo doso7@

Regarding energy charges such as electricity and gas fees, he said, "Currently, international energy prices are showing a downward stabilization trend," adding, "In the short term, the deficit will be somewhat resolved, but the process of eliminating the deficit will take place over several years."

He also stated, "Public utility fees are raised by spreading the timing over several periods to control sudden increases."

On the issue of reverse jeonse (key money deposit) problems, he said, "About 50%, equivalent to 100 trillion won, is considered exposed to reverse jeonse risk," adding, "We are preparing measures to ease loan regulations only for the part where landlords return the jeonse deposit so that landlords can secure funds."

He added, "We are also considering a plan to have landlords obtain jeonse return guarantees to ensure that the next tenant is not affected by senior loans," and said, "Related ministries are in the final stages of reviewing detailed measures."

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