The Korea Fair Trade Commission said on the 11th it will take steps to roll back prices to their original levels if unfair practices such as collusion or abuse of market dominance are uncovered. It will manage weekly price trends for items subject to unfair trade checks.
The Korea Fair Trade Commission (FTC) said it will strengthen a cross-government joint inspection by setting up an unfair trade inspection team under the special task force (TF) on essential consumer prices launched that day. The team will carry out a phased response that moves from analyzing items of concern to joint on-site inspections and follow-up management.
First, the Korea Fair Trade Commission (FTC) will swiftly screen items of concern, focusing on categories where monopolistic or oligopolistic structures have become entrenched and price burdens are high. It will closely monitor price trends for items already priced high or with excessively high rates of increase.
For items where concerns about unfairness are confirmed, the Korea Fair Trade Commission (FTC) and the competent ministries will conduct joint on-site inspections. If unfair practices such as collusion or abuse of market dominance are found during the investigation, the case will be handled swiftly with top priority, and price normalization will be pursued through price restoration measures such as an order to redetermine prices.
If serious legal violations are detected, the Korea Fair Trade Commission (FTC) and related agencies such as the National Tax Service, the Korea Customs Service, prosecutors and police will share information and activate a cooperative system from the early stages of the investigation. This will enable swift decisions on the level of sanctions and follow-up measures.
Follow-up management will also be strengthened after on-site inspections. For entrenched areas where unfair practices have been repeated, such as sugar and flour, authorities will not stop at sanctions but will receive weekly reports on the price trends of those surveyed items and products and manage them until the TF concludes. The Korea Fair Trade Commission (FTC) will also conduct a written fact-finding survey under the Fair Trade Act and concurrently consider publishing the results.
The unfair trade inspection team will share inspection progress through biweekly meetings, starting with a kickoff meeting in the second week of February. Items of concern will be continuously updated even after the first screening, and joint on-site inspections with relevant ministries will be conducted on an ongoing basis.
A Korea Fair Trade Commission (FTC) official said, "We will mobilize all available tools centered on the unfair trade inspection team to block factors that distort prices and deliver price stability results that the public can feel."