Inflation Hits 2.0% Target, But Government Vows to Keep Oil and Food Prices in Check

Price-Related Vice Ministers' Meeting Held on March 6
Monitoring External Oil Price Volatility and Other Factors

The domestic consumer price inflation rate continued its stable trend, recording the government's price stability target of 2.0% for the second consecutive month. However, the government has announced that it will make every effort to stabilize the prices of petroleum products and agricultural, livestock, and fisheries products, taking into account the recent volatility in international oil prices due to the situation in the Middle East, as well as the strong prices of certain food items.

Lee Hyungil, First Vice Minister of the Ministry of Finance and Economy. Ministry of Finance and Economy.

Hyungil Lee, First Vice Minister of the Ministry of Finance and Economy, presided over a "price-related vice ministers' meeting" at the Seoul Government Complex on the afternoon of March 6, where he discussed consumer price trends for February and response strategies for each item. Vice Minister Lee requested, "Although the inflation rate stood at 2.0%, given the increased external uncertainties, please make every effort to stabilize the supply and demand of individual items."

The government has decided to mobilize all available policy tools to stabilize petroleum product prices in particular. To prevent excessive price hikes under the pretext of external instability, the government will hold industry meetings to encourage restraint, while relevant ministries such as the Ministry of Trade, Industry and Energy and the Fair Trade Commission will collaborate on conducting special inspections to eradicate fake oil and illegal distribution. In particular, the government plans to continue enforcing price stability through measures such as investigations into fuel prices and the designation of maximum sales prices for petroleum products.

The government will also continue to expand supply and provide discount support to stabilize food prices. For key items such as eggs, mackerel, and dried seaweed (gim), the government is maintaining discount support of up to 50%, and is also running discount events for onions (up to 45%) and pork (up to 50%) using self-help funds. In particular, for eggs, where there is concern about unstable supply, the government plans to import and distribute an additional 3.59 million fresh eggs from the United States during March and April to meet demand for the new school term and Easter.

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