Finance Minister Choi Sang-mok said Tuesday the government will extend tariff reduction on fruit imports and introduce the lower-tariff scheme for food materials in an effort to curb inflation.
The government has applied the tax reduction through the tariff-rate quota on imports of 28 kinds of fruits, including bananas, pineapples, mangoes and cherries, which was supposed to end by end-June.
But it decided to extend the measure through the end of 2024, Choi said, presiding over a prices-related ministers' meeting in Seoul.
It will also extend the tariff reduction on 12 food materials, such as sugar and coffee beans, and introduce the quota-based tariff adjustment scheme for an additional seven kinds of food materials, including butter and whole milk powder.
"Despite the gradual easing of inflation, the overall level of prices has heightened to cause a burden on the people. The government will strive for stabilizing prices further," Choi said, calling on companies to join the efforts.
In May, consumer prices, a key gauge of inflation, rose 2.7 percent on-year, compared with the 2.9 percent on-year rise a month earlier, according to data from the Statistics Korea.
It marked the second straight month that the price growth slowed down and the figure stayed below 3 percent.
"Consumer prices are forecast to stabilize to reach around mid-2 percent or below in the second half if we do not have additional shocks," Choi added.
The finance ministry expects this year's prices to rise 2.6 percent. (Yonhap)
