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S. Korea to unveil inflation-fighting measures, housing supply plan this week

All News 10:19 August 08, 2022

SEOUL, Aug. 8 (Yonhap) -- South Korea will unveil additional measures to tame inflation, and a package of housing supply plans, this week in an effort to help stabilize people's livelihoods, the finance minister said Monday.

The government plans to roll out the soon-to-be announced inflation-fighting measures ahead of the Chuseok fall harvest holiday next month, as consumer prices ran at a near 24-year high in July due to high energy and food prices, according to Finance Minister Choo Kyung-ho.

South Korea's consumer prices soared 6.3 percent on-year in July, the fastest rise in almost 24 years and an acceleration from a 6-percent spike in June.

High inflation and rising interest rates have weighed on people's spending, possibly curbing economic growth.

The Yoon Suk-yeol administration will also unveil its first package intended to stabilize the housing market Tuesday that includes the supply of more than 2.5 million houses.

President Yoon earlier vowed an overhaul of the real estate policy, saying the previous government's pursuit of tougher regulations and heavier taxes to curb speculation ended up causing a surge in housing prices.

Home prices showed downward trends in recent months as housing transactions remained sluggish amid rising interest rates and concerns about an economic slowdown.

This photo, taken Aug. 4, 2022, shows apartment buildings in Seoul. (Yonhap)

sooyeon@yna.co.kr
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