September consumer prices rose 2.9% year-on-year, but without the price stabilization efforts of the Joint Response Team, inflation could have surged to 3.5%. The Ministry of Finance and Economics held a Price-Related Ministries Meeting and a Government-wide Joint Response Team on Livelihood Infringements, chaired by Lee Joo-seop, Director of the Livelihood Economy Bureau. At the meeting, the oil price cap, discount support for agricultural, livestock, and aquatic products, and oil price stabilization policies were disclosed. Simultaneously, enforcement results against illegal private finance and ticket scalping were announced, demonstrating a strong will to prevent livelihood infringements.
How the Joint Response Team Curbed September Inflation to 2.9%: The Impact of Agricultural, Livestock, and Aquatic Product Discount Support and the Oil Price Cap
1. What impact did the oil price cap have on prices?
With the implementation of the oil price cap, the September consumer price inflation rate was reduced by 0.6 percentage points. It is estimated that without this measure, the inflation rate for the same month would have reached 3.5%. The Ministry of Finance and Economics stated that it achieved its price stabilization goals despite fluctuations in international oil prices. Key point: The oil price cap lowered September inflation by 0.6 percentage points.
2. How are discount support and price management for agricultural, livestock, and aquatic products carried out?
Prices for agricultural, livestock, and aquatic products fell for two consecutive months in September, contributing to overall price stability. The Ministry of Finance and Economics explained that discount coupons are prioritized for distribution to low-income households and traditional market users. Discounts range from 10% to 20% depending on the item, and are often applied automatically without a separate application. Key point: Discount support for agricultural, livestock, and aquatic products is often applied automatically to low-income households and traditional market users.
3. What are the enforcement results against livelihood infringements and future plans?
1,359 cases of illegal private finance were detected, resulting in the arrest of 1,730 individuals by the police. Additionally, 126 cases of ticket scalping were identified, with 157 people undergoing investigation. The Ministry of Finance and Economics announced plans to expand these enforcement efforts monthly and strengthen the reward system for reporting. Key point: A total of 1,887 people faced legal action due to enforcement against illegal private finance and ticket scalping.
4. What are some practical tips and precautions?
Discount coupons cannot be used in combination, so do not use them simultaneously with other coupons. Since discount support for agricultural, livestock, and aquatic products may end early once the budget is exhausted, it is advisable to check the remaining balance before use. For inquiries, please contact the Ministry of Finance and Economics Livelihood Economy Bureau call center (dial 110 without area code). Key point: Remember that double usage is prohibited and to check the remaining balance.