The Korea Times
Korea will utilize tariff-rate quotas and reserve releases to tackle lingering inflationary pressure in the aftermath of supply disruptions caused by the Middle East war, the finance ministry said Thursday. The Ministry of Finance and Economy discussed such measures with economy-related ministries to address consumer price hikes ahead of the summer season. Consumer prices, a key gauge of inflation, increased 3.1 percent last month from a year earlier, due mainly to higher fuel prices. It marked the fastest growth in 26 months after rising at the same pace in March 2024. Prices of agricultural and fishery products rose 2.2 percent, led by rice and pork. The ministry noted the increase followed a decline in the supply of agricultural products due to recent high temperatures. "The government will secure more pork and chicken through the tariff-rate quota system and expand the program in June to ease the price burden on food products," the finance ministry said in a release. "The government will support discount promotions for agricultural and fishery products while seeking to lower supply co
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