South Korea's Ministry of Economy and Finance reported that consumer price inflation eased to 2.9% in September from 3.1% in August and set out measures to contain further price pressures. Agricultural, livestock and fishery prices fell 0.3% year over year, their second consecutive decline, while the petroleum maximum price scheme was estimated to have reduced headline inflation by 0.6 percentage points from a potential 3.5%. Gasoline and diesel prices remained around KRW 1,850 and KRW 1,840 per liter, respectively. With upward pressure persisting from the prolonged Middle East conflict, the government will strengthen supply and price management for agricultural, livestock and fishery products and continue distribution reforms. It will also use the petroleum price ceiling and fuel tax reductions to stabilize fuel costs, alongside oil price linked subsidies for vulnerable groups. An interagency task force will continue enforcement against unfair practices involving essential goods, illegal private lending, ticket scalping and shrinkflation, while the government pursues related legal and institutional changes. Authorities have apprehended 1,730 people in 1,359 illegal private finance cases and 157 people in 126 ticket scalping cases.
South Korea's Ministry of Economy and Finance reports inflation eased to 2.9%, reinforces price management and market enforcement
South Korea's Ministry of Economy and Finance reported that September inflation eased to 2.9%, with agricultural, livestock and fishery prices declining for a second month. The petroleum maximum price scheme was estimated to have lowered inflation by 0.6 percentage points. The government will reinforce food and fuel price management and enforcement against illegal private finance, ticket scalping and other harmful market practices.