South Korea Vows Measures To Ease Inflation, Unveil Anti-Price Gouging Steps Next Month

According to Yonhap, South Korea will intensify efforts to curb upward pressure on consumer prices amid renewed geopolitical tensions in the Middle East, and Finance Minister Koo Yun-cheol said detailed steps to tackle unfair market practices will be announced next month. Koo made the remarks at a meeting on consumer prices with relevant ministries, saying the government will stay alert as escalating volatility in global oil prices could strain prices and supply chains. He said South Korea aims to bring consumer inflation, which has remained above 3% recently, down to the 2% range in July. Consumer prices rose 3.2% in June from a year earlier, the sharpest increase since December 2023, when the rate was also 3.2%. Koo also said the government will seek to improve the effectiveness of inflation-control measures, propose revisions to the Price Stabilization Act in August to strengthen penalties for hoarding and allow earlier disposal of confiscated goods, and ensure expanded tariff-rate quota programs lead to an actual decline in consumer prices in the second half.