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| ▲ People shop for groceries at a discount chain store in Seoul on July 4, 2022, amid high inflation. (Yonhap) |
S Korea-import tariffs
S. Korea to lift import tariffs on more key foodstuffs amid high inflation
SEOUL, July 8 (Yonhap) -- South Korean decided Friday to lift tariffs on seven more kinds of imported foodstuffs, including beef and chicken, in a move to curb surging inflation.
Starting this month, the government will remove tariffs on 100,000 tons of imported beef and 82,500 tons of chicken, as well as on imported pork, powdered milk, coffee beans, green onions and ethanol materials, according to the finance ministry.
The government began implementing the emergency zero-tariff scheme this year in the wake of surging consumer prices, and a total of 26 major industry and food items, including cooking oil, pork and liquefied natural gas, are currently subject to it.
The extension decision came after the country's consumer prices rose 6 percent on-year in June, the fastest clip in nearly 24 years, due mainly to surging fuel costs.
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