“Limited possibility of exceeding 2% of consumer inflation rate this year…Active use of safety measures by item”
On the 7th, Deputy Prime Minister Hong Nam-ki and Minister of Strategy and Finance announced on the 7th, “We will apply an emergency quota tariff of 0% on some imported grains such as edible corn for a limited time by the end of this year.”
Deputy Prime Minister Hong held a meeting of the Emergency Economy Central Countermeasure Headquarters and the Ministers’ Meeting for the New Deal for the Korean version at the government’s Seoul office on the same day, and discussed the agenda of’Checking and Responding to Recent Inflation Trends’.
He emphasized, “The possibility that the rise in consumer prices will exceed 2% this year is quite limited, but in preparation for the possibility that the rise in the second quarter will temporarily expand due to the base effect, we will take preemptive measures by actively utilizing safety measures for each major item and field,” he emphasized.
Deputy Prime Minister Hong mentioned the plan to apply 0% urgent quota tariff for imported grains as a way to stabilize raw material prices, and said, “Improving import procedures such as allowing onboard sample collection for rapid clearance of international grains, and releasing 1 to 3% discount on non-ferrous metal stocks. I will promote it,” he said.
Regarding agricultural and livestock products, he said, “In order to stabilize prices early, we will import 15 million eggs and encourage early shipment of onions and green onions.” “He said.
Deputy Prime Minister Hong added, “In addition, in order to stably manage utility bills such as gas bills in the second quarter as much as possible and to support the food service industry, we will also cut the loan interest rate for purchases of food raw materials from 2.5% to 2.0%.”
He emphasized, “We will closely monitor global inflation trends so that inflation does not act as a risk factor for economic operation in the second quarter, and we will focus on stabilizing living prices internally.”
/yunhap news
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