The government has announced plans to focus its price management policies on the cost of living as experienced by ordinary citizens. To this end, it will revise the 'Price Stabilization Act' to expand rewards for reporting unfair pricing practices.
Deputy Minister of Finance Heo Chang, speaking at the National Assembly's Budget Special Committee meeting on November 10, stated that while the Bank of Korea manages overall price levels, the Ministry of Finance focuses on prices that affect everyday citizens.
He emphasized, "Enhancing competitiveness and addressing polarization are the most critical issues, with the stability of ordinary citizens' lives being paramount among them."
He also highlighted the importance of ensuring price stability that citizens can feel in their daily lives, expressing a commitment to securing relevant budgets and actively pursuing policies.
He announced plans to strengthen price monitoring through legal revisions, stating, "We intend to propose amendments to the Price Stabilization Act, significantly increasing rewards for those who report unfair pricing practices."
He further explained that the rewards for reporting violations of price stabilization regulations, such as price ceilings, would be expanded to enhance monitoring capabilities.
His remarks followed a call from Democratic Party lawmaker Choi Gi-sang, who pointed out the ineffectiveness of the current Price Stabilization Act and the need for legal revisions. Choi noted, "The Price Stabilization Act has been in place for decades, but it contains very few provisions and lacks substance," stressing the need to strengthen the legal framework for price management.
The meeting also addressed the issue of budget cuts related to next year's price monitoring center.
Park Hong-geun, Minister of the Planning and Budget Office, explained that the cuts were due to a decrease in special price survey cases and the results of integrated evaluations of financial projects, adding, "We will review the need for additional funding related to price policies."
* This article has been translated by AI.
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