The government held the first emergency economic ministerial meeting to discuss measures to counteract the recent high inflation.
Let’s see for yourself.
[추경호 / 부총리 겸 기획재정부 장관]
We will switch to an emergency economic ministers’ meeting to check the economic situation every week and prepare a response plan promptly.
Currently, the serious situation continues as inflationary pressures are intensifying due to the continued rise in international oil prices and raw material prices around the world.
In May in major countries such as the US and Eurozone, prices rose sharply, exceeding market expectations by well over 8%.
Accordingly, the government plans to mobilize all available policy tools, putting the stability of consumer prices at the top of its economic policy.
In principle, public institutions and local governments will try to absorb factors that increase cost as much as possible through management efficiency, etc.
Central and local public utility bills such as railway, postal service, and water and sewerage are managed as stably as possible in principle in the second half of the year. I will minimize it.
At the same time, the economics team has prepared additional price stabilization measures for petroleum products, which are driving the recent rise in living prices, and agricultural and livestock products with high summer price volatility.
First of all, we would like to urgently implement measures to alleviate the burden on the common people due to high oil prices.
From July to the end of the year, we will increase the reduction in fuel tax to 37%, the maximum allowed by law, to induce a reduction in the sale price of petroleum products.
To alleviate the burden of fuel costs on the freight and transportation industries, we will lower the unit price based on subsidies linked to diesel oil prices by 50 won from 1,750 won per liter to 1,700 won per liter.
With regard to domestic airfare, we will reduce the current import duty from 3% to 0% by applying quota tariffs, thereby easing pressure on domestic airfare hikes.
In the second half of the year, the credit card tax deduction rate for public transportation will be doubled from the current 40% to 80% in order to promote the use of public transportation due to high oil prices and reduce the burden on the common people.
We will take special care of agricultural and livestock products, which may experience a full-fledged rise in prices as price fluctuations intensify in the summer.
We will stabilize the market by monitoring market trends on a daily basis, focusing on items with rising prices among agricultural, livestock and fishery products and essential foods, and responding in a timely manner through supply and demand management such as release of stockpiles, emergency imports, and price discounts.
We will also review additional measures to stabilize supply and demand, such as expanding items subject to quota tariffs while monitoring the market situation. When prices rise, it is especially difficult for the vulnerable.
Energy vouchers for 1.18 million low-income households, who are vulnerable to energy use, will also be implemented from July 1, starting from June 24, providing up to 1 million won to 2.27 million low-income households from 1 trillion won in emergency living support for the vulnerable. it is going to be
In a severe situation like now, the economics team will not let go of tension for even a moment.
Under the responsibility of each department, we will check the price and supply trends for key items of the relevant departments on a daily basis, and respond immediately if any signs of unrest are detected.
Going forward, we will continue to discover additional tasks that can immediately contribute to price stability and quickly implement them, concentrating all our efforts on alleviating difficulties in people’s livelihoods.
#Gas tax #Public transportation #Emergency Economy Ministerial Meeting #Credit card #Income deduction rate
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