Seoul: South Korea will step up efforts to ease upward pressure on consumer prices amid renewed geopolitical tensions in the Middle East and announce detailed measures to address unfair market practices next month, the finance minister said Friday.

According to Yonhap News Agency, Finance Minister Koo Yun-cheol made the remarks during a meeting to examine consumer prices with relevant ministries. The renewed tensions between the United States and Iran are feared to lead to yet another disruption in global supply chains. Koo emphasized the importance of thorough preparations and vigilance, as consumer prices and supply chains could face challenges due to escalating volatility in global oil prices following the renewed tensions in the Middle East.

The finance minister added that the government aims to bring consumer inflation, which has recently remained above 3 percent from a year earlier, down to the 2 percent levels by July. Consumer prices, a key gauge of inflation, increased 3.2 percent in June from a year earlier, marking the sharpest increase since December 2023, when the figure was at the same level. Koo stated that South Korea will also make efforts to improve the effectiveness of its inflation-control measures.

"The government will come up with proposals to revise the Price Stabilization Act in August, including measures to impose tougher sanctions against hoarding and allow the preemptive disposal of confiscated goods," Koo remarked. He also noted that the government will work to ensure its expanded tariff-rate quota (TRQ) programs lead to an actual decline in consumer prices in the second half of the year.