Investment News
- Home
- About Us
- Newsroom
- Investment News
Consumer prices to remain stable: finance minister
제목 없음
South Korea's consumer prices are expected to remain unaffected by rising demand
for winter vegetables mainly due to increased farm production, the finance
minister said Monday.
Bahk Jae-wan said in a meeting of economic policymakers that improved weather conditions are contributing to more output of various vegetables, which should keep prices down ahead of the kimchi-making season.
"Production of cabbages and radishes are all expected to rise sharply along with other vegetables," the minister said. He also said that the government plans to increase imports of chili peppers and salt that are used as seasoning to make kimchi.
The season, which lasts from late November through December, refers to the making of kimchi for the winter, a major event in traditional Korean households as families prepared for the long, cold season when vegetables were scarce. Kimchi is a spicy fermented side dish made from cabbage, radishes and various seasonings such as garlic and spring onions.
A shortage of vegetables can fuel inflationary pressure during the kimchi-making season, which could pose serious problems for Seoul that has largely been unable to control consumer prices this year.
In September, the country's consumer prices grew 4.3 percent from a year earlier, a decrease from 5.3 percent on-year growth tallied in August. Last month's numbers, however, marked the ninth-straight month that the consumer price gains have exceeded the government's annual inflation target of 4 percent.
The country's top economic policymaker claimed inflation seems to be coming under control but stressed Seoul will keep close tabs on all price-related developments.
He told other policymakers that since stagflation concerns have been raised, there is a need to approach inflation control in both long-term and microeconomic levels.
Bahk, meanwhile, said that there is a need to maintain constant monitoring of the unfair raising of prices on goods and services, and called on ordinary people to be aware of such moves.
He said the government will take steps to better inform consumers about inflation and price-setting practices by businesses, so they can make informed decisions when receiving services and buying products.
On the move to raise city gas prices by 5.3 percent this week, the finance minister said a hike should have been made in July and September to reflect adjustments in fossil fuel costs. He said Seoul had opted not to raise prices as part of its effort to control inflationary pressure and pledged that every effort will be made to limit further hikes.
Date
2011.10.10
Bahk Jae-wan said in a meeting of economic policymakers that improved weather conditions are contributing to more output of various vegetables, which should keep prices down ahead of the kimchi-making season.
"Production of cabbages and radishes are all expected to rise sharply along with other vegetables," the minister said. He also said that the government plans to increase imports of chili peppers and salt that are used as seasoning to make kimchi.
The season, which lasts from late November through December, refers to the making of kimchi for the winter, a major event in traditional Korean households as families prepared for the long, cold season when vegetables were scarce. Kimchi is a spicy fermented side dish made from cabbage, radishes and various seasonings such as garlic and spring onions.
A shortage of vegetables can fuel inflationary pressure during the kimchi-making season, which could pose serious problems for Seoul that has largely been unable to control consumer prices this year.
In September, the country's consumer prices grew 4.3 percent from a year earlier, a decrease from 5.3 percent on-year growth tallied in August. Last month's numbers, however, marked the ninth-straight month that the consumer price gains have exceeded the government's annual inflation target of 4 percent.
The country's top economic policymaker claimed inflation seems to be coming under control but stressed Seoul will keep close tabs on all price-related developments.
He told other policymakers that since stagflation concerns have been raised, there is a need to approach inflation control in both long-term and microeconomic levels.
Bahk, meanwhile, said that there is a need to maintain constant monitoring of the unfair raising of prices on goods and services, and called on ordinary people to be aware of such moves.
He said the government will take steps to better inform consumers about inflation and price-setting practices by businesses, so they can make informed decisions when receiving services and buying products.
On the move to raise city gas prices by 5.3 percent this week, the finance minister said a hike should have been made in July and September to reflect adjustments in fossil fuel costs. He said Seoul had opted not to raise prices as part of its effort to control inflationary pressure and pledged that every effort will be made to limit further hikes.
Source: Yonhap News (Oct. 10, 2011)