South Korea to enhance price monitoring, boost reserves of key resources

Seoul, Aug 9 (IANS) South Korea will strengthen the monitoring of the prices of major agricultural products and devise measures to boost state reserves of oil, gas and other crucial resources in an effort to curb inflation, the Finance Ministry said on Friday.
South Korea’s inflation picked up pace in July on the high prices of fruits, vegetables and petroleum products, though it stayed below 3 per cent for the fourth consecutive month.
Consumer prices, a key gauge of inflation, raised 2.6 per cent on-year last month, Yonhap news agency reported.
“The monsoon rainy season and heat wave have pushed up the prices of vegetables, in particular, though prices are relatively stable compared to last year,” First vice Finance Minister Kim Beom-seok said during a meeting on inflation.
“Uncertainties remain high regarding global oil prices and unusual weather conditions. It is necessary to be on alert and strive to stabilise prices,” he added.
The government plans to extend supplies of napa cabbage, one of the key vegetables in South Korea, to help lower rising prices and to provide various supports for cabbage farms.
It will devise measures to operate a system for managing stockpiles of oil, natural gas and other natural resources critical for national security in emergency situations, the ministry added.
–IANS
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