Inflation & Prices
South Korea Unveils Steps Aimed at Suppressing Inflation Quickly
- Authorities to prevent price rigging, freeze utility costs
- Inflation fight comes ahead of parliamentary elections
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South Korea said it will seek to slow the pace of inflation closer to the central bank’s target range within the first half of this year, laying out a series of steps to suppress price pressure that has weighed on the economy.
The government plans to freeze public utility charges, bolster monitoring of potential price rigging and make it mandatory for businesses to disclose if they are reducing packaged volumes of their products during the first six months of 2024, according to a statement Thursday from the Finance Ministry. The government will also provide about 11 trillion won ($8.4 billion) in support for energy vouchers, food discounts and other programs that could help lower consumer prices, it said.