Inflationary pressure could rise in winter, minister warns

Korea is still facing inflationary hazards as prices of farming goods, energy and other prices could destabilize as the winter season gets into full swing, the top economic policy maker said yesterday.

“A tough inflationary situation will continue and is likely to remain unstable for the short term,” said Minister of Strategy and Finance Bahk Jae-wan at a meeting on measures to stabilize prices.

He said there is a possibility that agricultural goods will likely suffer supply disruptions due to cold weather at a time when prices of rice and some vegetables are rising.

Growing energy demand during the winter, increases in public service charges and possible price hikes of other service fees could also exert upward inflationary pressure, he added.

Yonhap