GOVT & PPP’S INFLATION MEASURES

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The government and the ruling party have outlined measures on the rising inflation, flood relief efforts and COVID-19 outbreak ahead of the Chuseok holiday. They pledged to keep consumer prices at the 2021 level and provide relief funds to flood victims. They also mentioned overhaul and reshuffle, which many said have fallen below expectations so far.

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Officials from the central government, the ruling party and the presidential office held a meeting where they emphasized the importance of taming soaring prices ahead of the Chuseok holiday.

[Soundbite] Kweon Seong-dong(Floor Leader, People Power Party) : "Grocery prices are still very high. The gov’t and the ruling party should take preemptive measures to keep inflationary pressure low when demand is high."

A total of 230,000 tons of high-demand products will be released to the market, the largest volume so far. 65 billion won worth of discount vouchers will be provided for agricultural and fishery produce. Prices of napa cabbages, apples and eggs will be kept at their 2021 level. To speed up flood relief efforts, more special disaster zones will be designated within this month. Disaster relief funds are to be paid out before Chuseok. Small businesses that sustained losses will receive up to four million won each. Instead of imposing restrictions on private gatherings to minimize COVID-19 cases, medical institutions treating coronavirus patients will stay open during the holiday period. The announced measures to improve people's lives are apparently aimed at preventing the chaotic situation in the ruling party from impacting the president's approval ratings, which have recently stopped plunging.

[Soundbite] Han Duck-soo(Prime Minister) : "The parliamentary plenary session and the Chuseok holiday will serve as an opportunity for the Yoon administration to regain public trust."

To make that happen, government officials vowed to verify the effectiveness of the new policies and do their best.

[Soundbite] Kim Dae-ki(Presidential Chief of Staff) : "Some things still fall short of public expectations. We will work harder to earn people’s trust."

The nation's top office launched a reshuffle of middle-ranking officials. It's also considering replacing at least two or three secretary-level officials prior to Chuseok. An official from the presidential office said the reshuffle will continue indefinitely and the number of officials subject to reshuffle is not limited.