Sejong Government Office Housing Price Inspection Meeting
“The diesel fuel price subsidy extended until the end of the year
Collaborate with local governments to stabilize public payments”
On the 19th, Deputy Prime Minister and Minister of Strategy and Finance Choo Kyung-ho (pictured) announced on the 19th that, in relation to the recent price increase in the food industry, he would monitor trends in daily and actively consults with the industry for price stabilization.
Deputy Prime Minister Choo held a meeting on the price of consumer products at the government complex in Sejong on the same day and said, “Many economic agents are still bearing the burden of rising prices, so I hope the food industry will have to processing also reduces the factors that increase by improving productivity.”
In particular, he said, “The recent increase in prices in some areas could increase the burden on people’s livelihood and hinder the establishment of a price stability base, so the relevant ministries are closely monitoring related trends,” said the relevant ministries and The Fair Trade Commission will jointly check if there are any unfair practices like,” he emphasized.
He also announced plans to extend the subsidy linked to the price of oil until the end of the year to reduce the burden of high inflation, and to cooperate with local governments to ensure that local public utilities remain stable .
The diesel fuel price interlock subsidy is a system that provides 50% of the excess amount to truck, bus and taxi workers when the price of diesel exceeds the standard amount. It was temporarily implemented from May 1 this year to support those whose income has fallen due to a surge in oil prices, and the current standard amount is 1,700 won per litre.
Deputy Prime Minister Chu said, “Energy prices are generally stabilizing, but given the high uncertainty in future supply and demand, we will prepare a response plan as soon as possible to prepare for the increase in volatility .” “We will actively cooperate with local governments, focusing on the Ministry of Public Administration and Security, so that local public utility bills can remain stable in the second half of this year.”
As for cabbage, which has recently risen dramatically in price, the government announced that it would ship early supplies and prepare measures to stabilize the supply and demand of kimchi vegetables.
Deputy Prime Minister Choo said, “We will transport government supplies grown in the fall before they are fully grown.
The government plans to import 600 tonnes of Chinese cabbage, which was originally intended to be imported at the beginning of next month, by the end of this month. In addition, he added, “Given that the kimjang season will start in early November, we will prepare measures to stabilize the supply and demand of vegetables for kimchi next month so that the supply and demand of the main ingredients and prices of kimchi can be kept as stable as possible .”