S. Korea weighing anti-inflation measures
SEOUL, Jan. 5 (Yonhap) -- South Korea will redouble efforts to keep prices in check in an effort to prevent inflationary pressure from building up and help the livelihood of low-income and ordinary people, officials said Wednesday.
Freezes on college tuition and other public service fees are among measures being discussed as part of the government drive to stabilize prices, according to the officials.
The measures were reportedly discussed during a meeting participated in by senior officials of economy-related ministries earlier in the day and presided over by Vice Finance Minister Yim Jong-yong.
The meeting comes before the government is to announce price-stabilization measures on Jan. 13 amid growing concerns over price increases ahead of the Lunar New Year holiday in early February.
"Today's meeting is not intended to finalize measures but to have a chance to exchange ideas with each other," a high-ranking finance ministry official said on condition of anonymity.
He said that they discussed a range of ways to stem price increases. Freezes on college tuition and minimizing rises in public utility costs such as electricity, transportation and mailing were on the table during the meeting.
The move is in line with the government's earlier pledge to push to stabilize prices as one of its top priorities in carrying out economic policies this year along with job creation and a sustainable economic recovery.
In its 2011 economy-management plan unveiled last month, the finance ministry said that it will aim to keep consumer prices growth at around 3 percent this year.
However, some experts express concerns that prices could rise further down the road considering rising costs to purchase oil and food products.
Last year, South Korea's consumer prices grew 2.9 percent mainly due to a surge in fresh food prices in the second half, a recent government report showed. The fresh food prices spiked 21.3 percent from the previous year.
kokobj@yna.co.kr
Freezes on college tuition and other public service fees are among measures being discussed as part of the government drive to stabilize prices, according to the officials.
The measures were reportedly discussed during a meeting participated in by senior officials of economy-related ministries earlier in the day and presided over by Vice Finance Minister Yim Jong-yong.
The meeting comes before the government is to announce price-stabilization measures on Jan. 13 amid growing concerns over price increases ahead of the Lunar New Year holiday in early February.
"Today's meeting is not intended to finalize measures but to have a chance to exchange ideas with each other," a high-ranking finance ministry official said on condition of anonymity.
He said that they discussed a range of ways to stem price increases. Freezes on college tuition and minimizing rises in public utility costs such as electricity, transportation and mailing were on the table during the meeting.
The move is in line with the government's earlier pledge to push to stabilize prices as one of its top priorities in carrying out economic policies this year along with job creation and a sustainable economic recovery.
In its 2011 economy-management plan unveiled last month, the finance ministry said that it will aim to keep consumer prices growth at around 3 percent this year.
However, some experts express concerns that prices could rise further down the road considering rising costs to purchase oil and food products.
Last year, South Korea's consumer prices grew 2.9 percent mainly due to a surge in fresh food prices in the second half, a recent government report showed. The fresh food prices spiked 21.3 percent from the previous year.
kokobj@yna.co.kr
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