The South Korean government will set up a task force to focus on price controls for key food items, such as milk and coffee, in response to the recent spike in food prices, officials said Sunday.
Under the TF, government officials will be responsible for monitoring the prices of each of the seven price-sensitive food items to keep a close eye on their prices, according to the Ministry of Agriculture, Food and Rural Affairs.
The items comprise instant noodles, bread, snacks, coffee, ice cream, sugar and milk.
"We will set up the TF after internal discussion and consultation with other related ministries and agencies," said an official from the agriculture ministry. "The TF is not a long-term organization, but a temporary one until prices stabilize."
The move is in line with the government's effort to put the high-flying prices of key food items under control.
According to data from Statistics Korea, the consumer prices index of ice cream vaulted 15.2 percent in October from a year ago, with milk and bread prices jumping 14.3 percent and 5.5 percent, respectively.
Prices of snacks, sweets and other frozen products rose by 10.6 percent on-year and those of coffee, tea and hot chocolate increased by 9.9 percent.
The country's overall consumer prices, a key gauge of inflation, rose 3.8 percent last month from a year earlier, with its on-year growth gaining pace for the third consecutive month.
In a ministerial-level meeting last week, Finance Minister Choo Kyung-ho vowed to put price stability as a top policy priority, saying vice ministers of each ministry will be responsible for ensuring it. (Yonhap)
- N. Korea doles out gifts to participants in mothers' conference
- [KH Explains] Samsung
- 병역거부 대체복무자 첫 소집해제…1173명 전국 교정시설에
- US missionary descendant picked to rescue troubled ruling party
- Korean defense firms head to Egypt defense expo to expand market presence
- EU preparing UN draft resolution on NK human rights
- Gender ministry to discipline 123 parents for not paying child support
- Lotte aquarium, activists battle over release of beluga whale