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S. Korea to closely monitor consumer prices of key items ahead of ChuseokBy Yonhap
Published : Aug. 18, 2023 - 09:19
South Korea's finance ministry said Friday it plans to closely monitor consumer prices of key items ahead of the Chuseok holiday amid lingering economic uncertainties.
"We plan to thoroughly manage the supply of highly demanded products for Chuseok, and roll out various promotional events under ties with the retail sector," First Vice Finance Minister Bang Ki-sun said during a meeting with economy-related vice ministers.
The Chuseok holiday, the autumn harvest celebration, falls in late September this year.
"The wholesale prices of napa cabbage, white radish, and lettuce, on the other hand, have been stabilizing following the release of stockpiles and the government's support on early shipments," he added.
Starting next month, South Korea is set to eliminate tariffs on an additional 30,000 tons of chicken to stabilize its prices.
Bang said the government will also make efforts to utilize the latest resumption of Chinese group tours to South Korea.
"As China took up more than 30 percent of foreign visitors prior to the COVID-19 pandemic, the recovery in the number of Chinese tourists is expected to vitalize domestic consumption and improve tourism balance," Bang said.
A 1-million rise in Chinese tourists roughly contributes to 0.08 percentage-point growth in gross domestic consumption, separate data compiled by the Bank of Korea showed earlier.
"In order to attract more Chinese tourists, we plan to promptly increase the number of flights between South Korea and China, and open additional visa application centers in Beijing and Shenyang," Bang added, noting the government will come up with detailed measures in early September. (Yonhap)
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