Kim Yong-beom, 1st Vice Minister of the Ministry of Strategy and Finance. Provided by the Ministry of Strategy and Finance
Kim Yong-beom, the first vice minister of the Ministry of Strategy and Finance, diagnosed on the 26th that the price of processed foods such as instant rice, bread, and tofu has increased due to the increase in international grain prices since the second half of last year.
On the same day, Vice Minister Kim held the 11th Innovation Growth Strategy Review Meeting, Policy Review Meeting, Korea Pan New Deal Review Meeting, and 7th Vice Minister for Price Relations at the Government Complex in Seoul, and reviewed the overall price situation. Vice Minister Kim mentioned that the rise in prices of instant rice (6~11%), baking (5~9%), and tofu (11~14%) was due to the increase in grain prices. “We are actively considering measures to ease the burden on related industries, such as supplying government stockpiles and expanding financial and tax support for them.”
He explained that it is making efforts to reduce the factors that increase prices for items that are closely related to the life of the common people. The government has decided to establish a new subcommittee on price response at the Agrobiz Forum, a private discussion body between the agricultural sector and companies. It is also pointed out that the government is trying to intervene in the price decision of companies as it manages prices.
Regarding the price of agricultural and fishery products, which was one of the pillars of the recent increase in consumer inflation, it was predicted that, excluding some items, due to efforts to manage supply and demand and good weather conditions, there will be stability.
An evaluation of the International Monetary Fund’s (IMF) growth rate announcement was also mentioned. Deputy Minister Kim said, “The IMF has significantly increased the growth rate of Korea to 3.6% this year (+0.5%p).” I evaluated it.
He also said that he will do its best to prepare the New Deal Fund, which will be launched next week, as a means to productively utilize abundant liquidity and become a platform for the post-corona growth.
At the meeting that day, the status of the data dam was also checked. The government plans to invest a total of 1,810 trillion won to build a data dam by 2025. Promote the establishment of the Basic Data Act.
Reporter Kang Jin-kyu [email protected]
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