Seoul: The government plans to introduce emergency tariff-rate quota programs and release government stockpiles as part of its all-out efforts to address growing concerns over consumer price hikes stemming from the Middle East crisis, the finance ministry said Thursday. The Ministry of Finance and Economy announced a plan at an inter-ministerial meeting to discuss ways to stabilize consumer prices, as Asia's fourth-largest economy gradually feels the impact of supply chain disruptions caused by the Middle East crisis.

According to Yonhap News Agency, South Korea's consumer prices rose 2.6 percent from a year earlier in April, marking the fastest pace in 21 months. This increase has been primarily driven by soaring fuel costs following the conflict between the United States and Iran. First Vice Finance Minister Lee Hyoung-il noted that while South Korea has managed relatively modest inflation compared to major countries due to public support and various policy measures, there remains upward pressure on consumer prices due to uncertainties from the Middle East conflict and base effects.

During the meeting, the agriculture ministry announced plans to offer 22 billion won (US$14.7 million) worth of discounts on seafood products through June. Additionally, the ministry plans to release 8,000 tons of government stockpiles of widely consumed seafood items, including mackerel and squid, to mitigate the impact on consumers.

The government is also seeking to introduce emergency tariff-rate quota programs for 30,000 tons of chicken and 12,000 tons of pork through the end of this year. Vice Minister Lee emphasized the government's commitment to taking stern action against unfair practices, such as hoarding, and called on ministries to devise effective measures to eradicate such activities.