Deputy Minister of Economy Kim Beom-seok stated, “Prices are showing a stable downward trend with oil prices decreasing and agricultural, livestock, and fisheries products rising at a 1% rate.”
Deputy Minister Kim made these remarks while presiding over the “Economic Relations Deputy Minister Meeting and Price-related Deputy Minister Meeting” held this morning at the Seoul Government Complex.
He noted that “the inflation rate in October was 1.3%, hitting its lowest point in 3 years and 9 months.” Despite the expectation of upward pressure from the slowed decline in oil prices in November, he forecasted that the inflation rate would remain below 2% barring any major external shocks.
Addressing the volatility in vegetable prices, he mentioned, “We will increase contract farming volumes of cabbage by 10% to supply 24,000 tons and offer discounts of up to 50% on green onions, garlic, sea salt, and fermented seafood products.”
Regarding the extension of fuel tax cuts until the end of the year, he announced an additional two-month extension of fuel price-linked subsidies for diesel used in buses, taxis, freight trucks, and coastal freight ships.
Moreover, the meeting also discussed “directions for supporting the development of marriage services.”
Deputy Minister Kim pointed out, “Consumers are suffering due to unexpected additional charges and inadequate explanations on refund and cancellation fee standards.” He announced plans to unveil measures to improve trading practices in the marriage service market at the Economic Relations Ministers’ Meeting.