Ruling Party's Middle East Committee: "Oil Price Cap and Other Measures Lower Inflation by One-Third"

5th Meeting of the Special Committee on Economic Response to the Middle East War

Recycled Materials in Standard Garbage Bags to Reach 80% by 2030

Syringe Inventory Remains at or Above Last Year's Levels

The government and the ruling party assessed that the price cap on oil and related measures have helped curb inflation. Regarding standard garbage bags, which experienced raw material supply disruptions, they decided to raise the proportion of recycled materials used to 80% by 2030.

The Democratic Party's Special Committee on Economic Response to the Middle East War held a meeting with government officials and industry representatives at the National Assembly on the 7th to discuss response strategies, the execution status of the supplementary budget, and support measures for companies affected by the Middle East War.

The 5th meeting of the Special Committee on Economic Response to the Middle East War held at the National Assembly Members' Office Building on the 7th. Photo by Yonhap News Agency

Yoo Dongsoo, a Democratic Party lawmaker who chairs the Special Committee on the Middle East, told reporters after the meeting, "The recent implementation of the oil price cap has resulted in a price reduction effect," adding, "Had the price cap not been implemented, the inflation rate could have risen to 3.8% instead of the current 2.6%." Assemblyman Ahn Dogeol, who gave a briefing, also stated, "Due to the oil price cap and the fuel tax cut, about one-third of the inflationary pressure has been alleviated. The government's swift response to stabilize oil prices has helped stabilize the cost of living for the public."

In response to the shortage of standard garbage bags caused by concerns over naphtha supply, the government and ruling party decided to gradually increase the proportion of recycled materials used. Assemblyman Ahn explained, "We will gradually raise the proportion of recycled materials from the current 40% to 50% next year, and up to 80% by 2030. Funding for related equipment will be reflected in the supplementary budget and implemented as soon as possible."

Regarding concerns over the supply of medical products, Assemblyman Ahn said, "According to a recent inventory check, stocks of items such as syringes are at the same or even higher levels than last year. By prioritizing the supply of raw materials like naphtha, production continued through weekends, resulting in a 20% increase in output over the past two weeks compared to the same period last year."

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