**Summary**: The Ministry of Finance and Economy, led by First Vice Minister Lee Hyung-il, held a meeting to address rising prices due to the prolonged Middle East conflict. They plan to strengthen sanctions against hoarding, increase the supply of livestock products, and more.
The government aims to mitigate price instability caused by the ongoing Middle East war through measures like discounts on agricultural and seafood products, releasing government stockpiles, and expanding imports of livestock products.
To combat unfair practices like hoarding, the government intends to swiftly revise the Price Stability Act to enhance the effectiveness of confiscation, introduce rewards for reporting, and impose fines on unjust profits.
The Ministry of Strategy and Finance held a meeting at the government office in Seoul to discuss price trends and responses for key items affecting people’s livelihoods. Specifically, they are looking into strengthening economic sanctions under the Price Stability Act.
The government plans to provide discounts amounting to 22 billion won for agricultural and seafood products from May to June. Additionally, they intend to release 8,000 tons of government stockpiles consisting of popular fish species like mackerel and squid within this month.
For stable livestock supply, the government will increase the supply of pork in the wholesale market starting in May and consider additional imports of fresh eggs from the USA or Thailand, beyond the already planned imports. Emergency quotas on chicken and pork imports will also be applied until the end of July and December, respectively.
The government will continue measures to stabilize oil prices, including encouraging designated “good gas stations” for price control, while raising the price cap for diesel subsidy, paid to bus and freight operators, from 1,961 won to 2,100 won per liter.
The government commits to monitoring the daily prices of essential items related to the current food supply and the Middle East situation, utilizing all departmental resources to implement price stabilization measures.
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