Gwanak-gu Launches Full-Scale Effort to Stabilize Prices in 2024

Implementation of various price stabilization policies such as monitoring personal service fees, inspecting price display systems, and strengthening support for Good Price Businesses... Selected as an excellent institution in the second half of the '2023 Local Price Stabilization Performance Evaluation' hosted by the Ministry of the Interior and Safety

Gwanak-gu (District Mayor Park Jun-hee) will continue to focus on stabilizing the livelihood economy in 2024 and accelerate the 8th elected administration's district goal of a "Together Economy."

According to the economic outlook announced by the Bank of Korea last November, the annual consumer price inflation rate for 2024 is projected to be 2.6%. Although the consumer price inflation rate is expected to gradually slow down, uncertainties remain due to domestic and international economic trends and the high rise in service prices.

In response, the district will continue to operate the comprehensive price countermeasure situation room by period, as it did last year, and will make every effort to implement various price stabilization policies such as ▲monitoring prices of personal service fees ▲inspecting compliance with price labeling regulations ▲strengthening support for Gwanak-gu Good Price Businesses.

To manage prices of personal service fees, monitoring will be conducted on 45 items across 3,000 locations, including dining expenses, clothing repair fees, and jjimjilbang (Korean sauna) usage fees. Additionally, monthly price information will be provided for 30 essential daily goods and agricultural, fishery, and livestock products closely related to residents' lives.

Price labeling compliance will also be inspected at retail stores. Sales prices will be checked through labels, stamps, tags, etc., for false labeling, and violators will be subject to corrective recommendations or fines depending on the number of violations detected.

In particular, the district will focus on strengthening support for the "Gwanak-gu Good Price Businesses," which take the lead in stabilizing prices in this era of high inflation.

To improve business satisfaction, customized items such as volume-based garbage bags, kitchen detergents, and napkins will be provided based on demand surveys, and promotion of the use of Good Price Businesses will be conducted through social media channels such as the Gwanak-gu blog, Instagram, and KakaoTalk.

Last year, the district significantly expanded the number of Good Price Businesses from 48 to 85 and provided incentive goods worth approximately 760,000 KRW annually. Furthermore, to encourage the use of Good Price Businesses, photo certification events for user reviews were held in the first and second halves of the year, and additional volume-based garbage bags were supported using the district's own budget, among other efforts.

Meanwhile, as a result of the district's best efforts to manage local price stability and residents' economic stability, it was honored as an "Excellent Institution" in the "2023 Local Price Stability Management Performance Evaluation" hosted by the Ministry of the Interior and Safety last year.

The "Local Price Stability Management Performance Evaluation" was conducted nationwide targeting 243 local governments to respond to the high inflation situation. The evaluation criteria as of the second half of 2023 included ▲management of local public utility fees ▲support for Good Price Businesses ▲inflation rate of personal service fees ▲performance in stabilizing local prices.

In this evaluation, the district was highly praised for actively operating the "Price Countermeasure Comprehensive Situation Room" and implementing price countermeasures tailored to seasonal characteristics such as the summer peak season and kimchi-making season.

District Mayor Park Jun-hee said, "The good evaluation of the policies implemented for residents during these difficult times of high interest rates and high inflation is thanks to the active efforts of our 500,000 Gwanak-gu residents. Since price stability is directly related to residents' lives, we will continue to do our best to achieve tangible results through systematic price management."

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