Prices could bounce back in July over unusual weather: finance chief

Prices could rise again due to bad weather conditions in summer, the finance chief said Tuesday, vowing all-out efforts to moderate inflationary pressure. Minister Choi Sang-mok made the remarks during an economy-related ministers' meeting in Seoul on the day, as the country is experiencing heavy rain and a sweltering heat wave this summer. "There is the possibility of consumer prices rebounding temporarily in July due to unusual weather conditions and a base effect," Choi said. "Prices, however, are forecast to cool down after August as supplies of agricultural products and other things are to get better. The government will stay vigilant and do its best to stabilize prices," he added. In June, consumer prices rose 2.4 percent on-year, the lowest level since July 2023, and officials have said the country is projected to reach a target rate of 2 percent by the end of this year. In an effort to tame prices, the government plans to release more than 300 tons of cabbages and radishes per day starting this month to ensure their stable prices. High prices of fruits, vegetables and other farm produce, in particular, have pushed up prices in South Korea as unfavorable weather conditions last year affected their output, officials said. Source: Yonhap News Agency