Vice Minister Gi: "Focusing on Price Stability of Chuseok Seasonal Goods... Additional Measures if Necessary"

Government, Vice Ministers' Meeting on Economic Affairs and Prices Relations Meeting

Kim Beom-seok, First Vice Minister of the Ministry of Economy and Finance, stated, "Until before Chuseok, relevant ministries will conduct daily checks on the prices and supply-demand situation of seasonal products, and if necessary, will promptly take additional measures."

On the 3rd, the government held the "45th Economic Vice Ministers' Meeting and Price-Related Vice Ministers' Meeting" at the Government Seoul Office Building, chaired by Vice Minister Kim.

At the meeting, Vice Minister Kim said, "The consumer price inflation rate in August was 2.0%, marking the lowest level in 3 years and 5 months, achieving the price stability target," and added, "Due to the stabilization of agricultural products and petroleum prices, the living cost inflation rate also dropped to 2.1%, the lowest in 13 months. If there are no additional shocks, consumer prices are expected to stabilize in the low 2% range."

He emphasized, "We will do our best to firmly establish a price stability trend and improve the public's perception of livelihood, including accelerating domestic demand recovery." He announced that 170,000 tons, the largest ever, of 20 major Chuseok seasonal products such as cabbage and apples will be supplied, and a 70 billion KRW scale discount support for agricultural, livestock, and fishery products will be steadily implemented to manage the average price of the 20 major seasonal products at a level lower than that of 2021, before the high inflation period.

Kim Beom-seok, Vice Minister of Strategy and Finance, is delivering opening remarks at the "45th Economic Vice Ministers' Meeting and 32nd Price-related Vice Ministers' Meeting" held on the morning of the 3rd at the Government Seoul Office in Jongno-gu, Seoul.

Vice Minister Kim forecasted, "For cabbage and radish, which have had high prices recently due to the heatwave, prices have been falling since last week due to the release of stockpiles and discount support. As summer cabbage is being shipped in earnest and the release volume is expanded to about 700 tons per day, supply conditions will further improve."

He continued, "For apples and pears, which had strong prices last year due to poor harvests, apple prices this year are lower than both last year's Chuseok peak season and the average year due to increased production, and pears are expected to gradually stabilize as new pears (Shingo pears) are shipped this week."

The government plans to stabilize supply and demand by expanding the supply of apples and pears to more than three times the normal level and providing up to 40% discount support (20% by the government).

At the meeting, the progress of 186 economic penal regulation improvement tasks was also reviewed. To transition to a private-sector-led dynamic economy, the government launched the "Economic Penal Regulation Improvement Task Force" in July 2022 with relevant ministries and prepared 186 improvement tasks in three rounds. So far, legal amendments for 14 tasks have been completed, and draft bills for 123 tasks have been submitted to the 22nd National Assembly.

Vice Minister Kim said, "We will ensure that the announced economic penal regulation improvement tasks are implemented without delay by promptly submitting the remaining legislative amendment bills to the National Assembly and thoroughly monitoring and responding to the legislative status of already submitted tasks." He added, "Focusing on creating a challenging business environment for companies, we will prepare a fourth round of improvement tasks within this year."