Seoul: Acting Finance Minister Lee Hyoung-il stated that all efforts will be made to stabilize consumer prices, adding that the government will announce related countermeasures as soon as possible. Lee, newly appointed as the first vice finance minister and currently serving as acting minister due to a vacancy, made the remarks while presiding over a vice ministerial meeting on consumer prices.
According to Yonhap News Agency, Lee emphasized that consumer prices are the government’s top priority, and the government will mobilize all available resources across ministries to stabilize prices felt by the public. He noted that relevant measures will be announced promptly.
In May, the consumer price rose 1.9 percent, marking the first instance of growth at the 1 percent level in five months, attributed to falling global oil prices. However, a weaker local currency has continued to raise the cost of major industrial goods. Lee highlighted that while the recent consumer price index shows a stabilizing trend around 2 percent, the overall price level remains elevated due to accumulated inflation over the past several years, with food prices particularly rising rapidly.
In a related move to ensure a stable food supply, the government announced the resumption of poultry imports from regions in Brazil unaffected by the recent avian influenza outbreak, starting June 21. This decision was made amid concerns over potential domestic supply shortages since Brazil accounts for over 80 percent of South Korea’s chicken imports. Last month, South Korea imposed a ban on poultry imports from Brazil due to a highly pathogenic avian influenza outbreak reported by the World Organization for Animal Health.
Lee reiterated his commitment to stabilizing consumer prices while speaking with reporters, acknowledging that households continue to struggle due to the prolonged burden of accumulated price increases. He affirmed that the government will review the situation across various sectors, including agricultural products and processed foods. Lee also addressed concerns about real estate prices, stating that the ministry will continue monitoring the situation.