Government: Oil Price Ceiling System Suppressed September Consumer Inflation by 0.6 Percentage Points

The government has analyzed that the oil price ceiling system currently in effect in response to surging oil prices caused by the Middle East war suppressed last month's consumer inflation rate by 0.6 percentage points.

The Ministry of Finance and Economy shared this assessment during a meeting held today (October 2) presided over by Lee Joo-sub, Director General for Livelihood Economy, for the "Price Relation Ministries Meeting and Pan-Governmental Joint Response Team for Livelihood Violations."

Consumer prices in September rose 2.9 percent compared to a year ago, meaning that the inflation rate would have hit 3.5 percent if not for the price ceiling system.

The government particularly evaluated that, as a result of implementing livelihood stabilization measures such as discount support and supply expansion ahead of Chuseok, prices of agricultural, livestock, and fishery products remained lower than the same period last year for two consecutive months through September.

Related ministries plan to strengthen supply, demand, and price management for each agricultural, livestock, and fishery product category and continue efforts to improve the distribution structure.

Crackdowns on livelihood-infringing financial crimes such as illegal private financing and scalping will also continue, and institutional improvements, including revisions to statutes, will be pursued to establish a fair market order.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.