24.07.202602:10:18UTC+00South Korea Ramps Up Inflation Fight Amid Middle East Uncertainty

South Korea will intensify efforts to curb inflation as renewed tensions in the Middle East threaten to push up oil prices and disrupt global supply chains. Finance Minister Koo Yun-cheol said authorities remain vigilant to external risks and are targeting a return of consumer inflation, which has stayed above 3% in recent months, to the 2% range by July. Consumer prices rose 3.2% year-on-year in June, the fastest pace since December 2023. Koo added that a package of detailed measures to crack down on unfair market practices and strengthen price-stabilization policies will be announced next month. Planned amendments to the Price Stabilization Act, expected in August, would increase penalties for hoarding and allow the earlier disposal of seized goods. The government also vowed to ensure that expanded tariff-rate quota programs translate into lower consumer prices in the second half of the year, reinforcing its broader push to relieve inflationary pressure.