The government estimates that the implementation of the price ceiling on oil in September has reduced the consumer price inflation rate by 0.6 percentage points. While inflation has decreased to the 2% range, concerns remain due to the prolonged conflict in the Middle East, prompting plans to strengthen management of agricultural and oil prices.
On October 2, the Ministry of Economy and Finance held a meeting led by Lee Joo-seob, Director of the Ministry's Livelihood Economy Bureau, to review September's consumer price trends, improvements in the distribution structure of agricultural products, and the status of responses to livelihood violations.
Last month, consumer prices rose 2.9% compared to the same month last year, a decrease of 0.2 percentage points from August's 3.1% increase. Prices of agricultural and marine products fell by 0.3%, marking a second consecutive month of decline compared to the previous year.
Director Lee noted, "Despite rising international oil prices, government efforts to stabilize prices have resulted in a 2% inflation rate in September."
The government acknowledged that the earlier Chuseok holiday this year contributed to upward price pressures for agricultural products, but discounts and increased supply as part of the Chuseok livelihood stabilization measures have helped maintain price stability.
Supply of key Chuseok agricultural products reached 178,000 tons, exceeding the planned amount of 163,000 tons. For marine products, 20,000 tons have been supplied out of the planned 22,000 tons through October.
Oil prices have slightly decreased from the previous month, with gasoline prices in the 1,850 won range and diesel prices in the 1,840 won range. The government estimates that the price ceiling policy lowered the overall inflation rate by 0.6 percentage points; without it, inflation would have reached 3.5%.
However, concerns about inflation due to high oil prices persist. Director Lee emphasized, "Given the ongoing upward pressure on prices from the prolonged Middle East conflict, the government must make every effort to ensure stable price management."
The government plans to enhance management of supply and prices for agricultural products and continue improving the distribution structure. It will also focus on stabilizing oil prices through the price ceiling and reductions in fuel taxes, as well as providing support for vulnerable groups through oil price-linked subsidies.
During the meeting, the status of investigations and crackdowns on unfair practices in essential sectors such as food and education, as well as illegal money lending, scalping, and shrinkflation, was also reviewed.
According to the disclosed investigation results, 1,730 individuals were apprehended in 1,359 cases of illegal money lending, with 81 of them detained. In scalping cases, 157 individuals were caught from 126 incidents, with 2 detained.
The government will continue its enforcement efforts while strengthening collaboration among relevant agencies to establish a fair market order and expedite legislative improvements.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.