Government releases 8,000 tons of 4 types of fish including mackerel…Tariff quotas for chicken and pork

Government releases 8,000 tons of 4 types of fish including mackerel…Tariff quotas for chicken and pork

Vice Minister of Economy and Finance: "Korea's inflation rate is lower than major countries…but there are also upward pressures"

The government will release its stockpiles of four types of fish, including mackerel, and implement emergency tariff quotas for chicken and pork.

First Vice Minister of Economy and Finance Lee Hyung-il presided over the 'Middle East War Price Response Team and Vice Ministers' Meeting on Prices' at the Seoul Government Complex on the morning of the 14th, in conjunction with relevant ministries, and discussed these measures.

Vice Minister Lee stated, "Thanks to the active cooperation of the public and policy efforts, our country's inflation rate is showing a lower increase compared to major countries, but upward pressures on prices persist due to uncertainties from the Middle East war and base effects." He urged relevant ministries to work together to stabilize prices for each item.

Accordingly, the government will promote discount support totaling 22 billion won for items directly related to public livelihoods, such as agricultural, livestock, and fishery products, during May-June.

The government also plans to release 8,000 tons of its stockpiles of four popular fish species – mackerel, squid, hairtail, and pollack – this month.

Specifically, the supply of pork to wholesale markets will be expanded starting this month, and the additional import of fresh eggs from the U.S. or Thailand will be reviewed, in addition to the existing fresh egg imports (2.24 million from Thailand, 2.24 million from the U.S.).

Furthermore, emergency tariff quotas will be implemented for 30,000 tons of chicken until the end of July and 12,000 tons of pork until the end of the year.

For petroleum products, which are under a maximum price system, efforts to stabilize gas station prices will continue through initiatives such as the designation of "good gas stations" led by civic groups.

Vice Minister Lee stated, "Unfair practices such as hoarding must be eradicated to stabilize prices for public livelihoods, and effective sanctions are necessary for this." He added, "We will swiftly push for amendments to the Price Stabilization Act, including measures to secure the effectiveness of the confiscation system, establish reward payments for whistleblowers, and impose surcharges on illicit gains."