Government Injects 1 Trillion Won for Price Stabilization, Aims to Keep Inflation Below 3% in Second Half (Comprehensive)

Government Holds Emergency Economic Headquarters and Economic Ministers Meeting, Along With Price Task Force
Additional Energy Vouchers Provided; Small Business Loans Doubled

Koo Yoon-chul, Deputy Prime Minister of Economy and Minister of Strategy and Finance, is delivering a speech at the 'Emergency Economic Headquarters Meeting, Economic Relations Ministers Meeting, and Special Task Force on Livelihood Price Management' held on the 26th at the Government Seoul Building in Jongno-gu, Seoul. Ministry of Strategy and Finance

The government will allocate 1 trillion won in fiscal resources to address high inflation, including discounts on agricultural, livestock, and fisheries products and support for small business owners impacted by high oil prices. The 7th maximum oil price, to be announced today, will be lowered in line with the recent decline in international oil prices, but will remain in effect until price stability is achieved.

Koo Yoon-chul, Deputy Prime Minister for Economy and Minister of Strategy and Finance, stated at the 'Emergency Economic Headquarters Meeting, Economic-Related Ministers' Meeting, and Special Management Task Force for Living Expenses and Prices' held at the Government Seoul Office on the 26th, "We will ensure that the consumer price inflation rate in the second half of the year is kept within 3%."

To ease the burden of food prices, the government will hold the largest-ever series of discount events on all agricultural, livestock, and fisheries products eligible for support during July and August. Deputy Prime Minister Koo explained, "To stabilize egg prices, we will increase imports of fresh eggs by more than sixfold, bringing in an additional 200 million eggs." He added, "Next month, a special delegation will be dispatched to directly import 2,000 tons of Norwegian mackerel to supply at low prices, and the government will directly purchase domestically produced export goods to supply them to consumers at half price."

To reduce the burden of energy prices, major public utility fees, including electricity and gas rates, will remain frozen in the second half of the year, and the LPG butane sales levy will be temporarily waived until the end of the year.

Deputy Prime Minister Koo stated, "For households eligible for energy vouchers that use kerosene or LPG, an additional 147,000 won will be provided, which can be used from October this year through May next year, on top of the existing voucher."

To support vulnerable groups, including low-income households and small business owners, the range of toll exemptions on expressways will be expanded for people with disabilities and national merit holders. Deputy Prime Minister Koo said, "The scale of the Hope Dream Loan program for small business owners will be doubled from 1.5 trillion won to 3 trillion won, and incentives will be strengthened, such as providing additional cashback to businesses offering affordable prices."

He further announced, "Following the high inflation response measures released today, we will promptly prepare and announce additional support measures for small and medium-sized enterprises affected by the weak won."

Deputy Prime Minister Koo emphasized, "Since the signing of the previous MOU, external uncertainties have gradually eased. While we are making every effort to stabilize and recover the livelihood economy, we will also actively prepare for post-war economic normalization and a leap forward."

He continued, "We will closely monitor the situation in the Middle East and our domestic economy, and gradually adjust the emergency measures currently in place. The 7th maximum oil price will be lowered from the current level, taking into account the decline in international oil prices, the burden on people's livelihoods, and fiscal conditions, but will be maintained until petroleum consumer prices are stabilized."

The 7th maximum oil price will be announced at 7 p.m. today. The industry expects the 7th maximum oil price to be lowered by at least 100 won per liter. Currently, the 6th maximum oil price is set at 1,934 won per liter for gasoline, 1,923 won for diesel, and 1,530 won for kerosene.

Meanwhile, the meeting also discussed the basic plan for stabilizing employment impacts resulting from the AI Transformation (AX) and Green Transformation (GX). Deputy Prime Minister Koo said, "We will support vocational training specialized in AI and green technologies so that both existing workers and young people preparing for employment can develop the capacity to adapt to industrial transformation."

In particular, for young people, he stated, "Through intensive training in advanced sectors, we will nurture 1,000 AI specialists in the second half of the year. The government will ensure that this training leads to employment and entrepreneurship, actively supporting young people so that they can pioneer the AX and GX era."

This content was produced with the assistance of AI translation services.