Photo : Finance Ministry / Yonhap
The government will release state stockpiles of four popular fish species and push for emergency tariff quotas on imported chicken and pork to help stabilize prices.
Vice Finance Minister Lee Hyoung-il discussed the measures on Thursday during a joint government meeting on inflation and the Middle East conflict, held at the government complex in Seoul.
Lee said South Korea’s inflation rate remains relatively low compared with those of other major economies, but warned that uncertainties surrounding the Middle East conflict and base effects continue to put upward pressure on prices.
Under the circumstances, the government plans to provide 22 billion won in discount support for agricultural, livestock and fisheries products during May and June, releasing eight thousand tons of government stockpiles of mackerel, squid, hairtail and pollock within this month.
In addition, the government will supply more pork to wholesale markets, review additional egg imports from the United States or Thailand, and introduce emergency tariff quotas for 30-thousand tons of chicken imports through July and 12-thousand tons of pork imports through the end of the year.