The South Korean government is anticipated to lower tariffs on imports of fruits, vegetables and other agricultural products in high demand temporarily in the lead up to the Chuseok festival.
Under the policy on tariff rate quotas, duties on imported target items can be cut far below the regular rate ― possibly even to zero ― in a bid to tame inflation. The targeted items include cabbages, radishes, onions, garlic, potatoes, apples, pears and chestnuts.
A traditional mid-autumn holiday in Korea, Chuseok is when prices normally rise as many people go shopping to prepare festive dishes, among others. This year it falls on September 10. The ministerial meeting is held every year before Chuseok to decide whether it is necessary to take measures in advance to curb prices. The 2022 meeting, however, will be more significant than meetings in previous years as inflation is anticipated to surge through October after hitting almost a 24-year high of 6.3 percent in July.
Photo source: Dreamstime.com