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S. Korea to unveil inflation-combating measures ahead of Chuseok holiday

Economy 13:49 August 04, 2022

SEOUL, Aug. 4 (Yonhap) -- South Korea plans to roll out additional measures to tame inflation ahead of the Chuseok fall harvest holiday set for September, government officials said Thursday.

The finance ministry is considering ways to increase the supply of key foodstuff and reduce living costs in the run-up to the extended Chuseok holiday scheduled for Sept. 9-12.

The government is also mulling providing special financial support to small firms and merchants in a bid to help them meet cash demand.

The move comes as the country's consumer prices soared 6.3 percent on-year in July, the fastest rise in almost 24 years and accelerating from a 6 percent spike in June.

Demand for vegetables, eggs and other foodstuff usually rises in South Korea ahead of the Lunar New Year and Chuseok holidays as people prepare holiday meals for family gatherings.

Prices of farm products shot up last month due largely to frequent rains and heat waves. Prices of vegetables jumped 25.9 percent on-year in July.

Finance Minister Choo Kyung-ho earlier said inflation may peak no later than in October if there is no spike in global oil and grain prices.

People look at vegetables while grocery shopping at a traditional market in Seoul on Aug. 3, 2022. (Yonhap)


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