Koo Yun-cheol, the deputy prime minister for the economy, said on the 11th that the government will carry out intensive crackdowns in the first half of the year on food corporations that raise prices through unfair practices such as collusion and monopolies and siphon off profits.
The government launched the "special task force (TF) on essential consumer prices" on the same day. The TF plans to identify consumer goods items or sectors where there is a possibility of unfair transaction or problems in distribution structures. It will then conduct a government-wide joint crackdown on those areas and draw up improvement measures.
In his opening remarks at the TF's first meeting, Koo said, "January's consumer price inflation rate stood at 2%, but due to the cumulative effects of price increases over the years, the price level felt by the public remains high." He added, "The burden on livelihoods is not easing as food prices directly tied to ordinary people's lives continue to rise."
Koo said, "In the first half of this year, we will intensively inspect livelihood items closely related to people's daily lives to root out unfair transaction practices and swiftly correct any distorted distribution structures." He continued, "We will conduct a pan-government joint crackdown on acts that abuse collusion or dominant market positions, and if illegal acts are uncovered, we will respond strictly through coordination between the Korea Fair Trade Commission (FTC) and investigative agencies."
Koo said, "We will crack down more thoroughly and without exception than at any other time on illegal acts that evade tariffs lowered by quota tariffs or that exploit the government's good faith for price stability through fraudulent methods such as false reporting." He also said, "In collaboration with consumer groups, we will actively promote analysis of price information related to distribution structures and expanded disclosure of information."
Meanwhile, Koo will chair the TF, with Ju Biung-ghi serving as vice chair. The TF will consist of three teams: ▲ an unfair transaction inspection team led by the Korea Fair Trade Commission (FTC) ▲ a policy support wrongful-benefit inspection team led by the Ministry of Economy and Finance ▲ a distribution structure inspection team overseen by the Ministry of Agriculture, Food and Rural Affairs.