Shoppers buy groceries at a supermarket in Seoul, May 28. Yonhap
Korea will utilize tariff-rate quotas and reserve releases to tackle lingering inflationary pressure in the aftermath of supply disruptions caused by the Middle East war, the finance ministry said Thursday.
The Ministry of Finance and Economy discussed such measures with economy-related ministries to address consumer price hikes ahead of the summer season.
Consumer prices, a key gauge of inflation, increased 3.1 percent last month from a year earlier, due mainly to higher fuel prices. It marked the fastest growth in 26 months after rising at the same pace in March 2024.
Prices of agricultural and fishery products rose 2.2 percent, led by rice and pork. The ministry noted the increase followed a decline in the supply of agricultural products due to recent high temperatures.
