Strategies to Tackle Inflation
Strategies to Tackle Inflation
  • Ha Ji-hyeon
  • 승인 2024.05.29 18:52
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  As inflation continues, our society is experiencing significant difficulties in consumer life. What are the measures being pursued to curb such inflation?
  The Ministry of Agriculture, Food and Rural Affairs emphasized that it will lower prices of the people by pushing for all-round measures, focusing on fruits and vegetables with high consumer prices, by April. In addition, the government plans to expand the number of items supported by significantly increasing the budget for discount support. Such as fruits and vegetables, and to apply up to 40% of the discount rate to all items whose prices have increased by more than 30% compared to the previous year.
  According to the Korea Agro-Fisheries & Food Trade Corporation (aT), the retail price of 10 apples as of the 22nd was 24,250 won, up 0.9% from the previous day. They will directly import oranges and bananas and supply them at a low price. In addition, they plan to promote price stability by significantly expanding our stockpile of agricultural products such as cabbage and radish.
  The government’s all-out war to stabilize prices is continuing. The government plans to release oranges and bananas by the end of this month and expand the supply of fruits directly imported to grapefruits, avocados, and kiwis by next month.
  Meanwhile, the aT announced that it will reduce the damage caused by the three major disasters (Cold Sea, Typhoon, and Heat wave) by more than 30% by 2030. In other words, it will increase the penetration rate of disaster prevention facilities by 30% by 2030.
  What are some ways to push for price hikes in the future? An official from the Ministry of Strategy and Finance said, “We are considering various measures, including lowering VAT on major products.” The government and the ruling party announced plans to reduce the VAT rate on some daily necessities, such as instant rice and instant noodles, from the current 10% to 5%. In addition, the government is encouraging the sale of fruits that fail to be selected at lower prices to stabilize the agricultural product prices. Furthermore to this, there are directions for developing agricultural technologies to promote investments related to agricultural technologies and to counter climate change.


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