ID :
207470
Fri, 09/16/2011 - 04:56
Auther :
Shortlink :
https://oananews.org//node/207470
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S. Korea should do its best to stabilize prices: minister
SEOUL (Yonhap) - South Korea should continue to focus on keeping inflation in check as prices of agricultural products and commodities remain high, the nation's top economic policymaker said Friday.
"Salt and red pepper prices have stayed higher than last year and raw material prices in the international market also remain unstable. We should do our best to stabilize prices," Finance Minister Bahk Jae-wan said during a price stabilization meeting.
He praised the government's efforts to subdue price hikes for foods ahead of the Sept. 12 Chuseok holiday. The finance ministry expanded supplies of major food products over the past weeks to meet increasing demand.
South Korea's economy has been gripped by rising inflation, fueled by higher oil and commodity prices. The nation's consumer prices surged 5.3 percent on-year in August, the fastest pace in three years and up from a 4.7 percent gain in July.
Bahk said that the government should also do its utmost to reduce uncertainty in its policymaking process, saying that the uncertainty is behind the recent volatility in the global financial market.
He cited Thursday's nationwide blackouts as a prime example, saying that it is "quite undesirable" from the viewpoint of uncertainty and volatility.
South Korea suffered massive blackouts on Thursday due to unseasonably high temperatures that pushed up demand, causing inconveniences for many businesses and private citizens.
"Salt and red pepper prices have stayed higher than last year and raw material prices in the international market also remain unstable. We should do our best to stabilize prices," Finance Minister Bahk Jae-wan said during a price stabilization meeting.
He praised the government's efforts to subdue price hikes for foods ahead of the Sept. 12 Chuseok holiday. The finance ministry expanded supplies of major food products over the past weeks to meet increasing demand.
South Korea's economy has been gripped by rising inflation, fueled by higher oil and commodity prices. The nation's consumer prices surged 5.3 percent on-year in August, the fastest pace in three years and up from a 4.7 percent gain in July.
Bahk said that the government should also do its utmost to reduce uncertainty in its policymaking process, saying that the uncertainty is behind the recent volatility in the global financial market.
He cited Thursday's nationwide blackouts as a prime example, saying that it is "quite undesirable" from the viewpoint of uncertainty and volatility.
South Korea suffered massive blackouts on Thursday due to unseasonably high temperatures that pushed up demand, causing inconveniences for many businesses and private citizens.
