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(Sejong = Edaily reporter Lee Ji-eun) Whether the consumer price inflation rate for this month, which will be announced next week, can fall to a low of 2%, is attracting much attention. Recently, until last month, prices have been trading sideways in the mid-to-high 2% range for four consecutive months, showing a relatively stable trend. With the opening of the regular session of the National Assembly in September, the review and approval of the settlement and reserve expenditures for the 2023 fiscal year will officially begin.
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According to the Ministry of Strategy and Finance on the 31st, Statistics Korea will release the “Consumer Price Trends in August 2024” on the 3rd. The consumer price inflation rate remained at 3% (3.1%) until March this year, dropped to 2.9% in April, and then remained at 2% for four consecutive months, reaching 2.7% in May, 2.4% in June, and 2.6% in July. Although it is expected to remain in the 2% range this month, people are interested in how much it has fallen compared to last month.
The price rebound last month was mainly due to the largest increase in petroleum products in 21 months (8.4%). Interpretation: The increase in international oil prices and the adjustment of fuel tax exemptions are reflected. Affected by the summer weather, the prices of some vegetables, agricultural, animal husbandry and fishery products have increased compared with June. Domestic fruit prices continue to remain strong, but the base effect is due to the large increase caused by last year’s heavy rains.
It is expected that the upward pressure on oil prices this month will not be greater than last month. International oil prices, which usually reflect with a lag of 2-3 weeks, have fallen for five consecutive weeks since the first week of July, and domestic gasoline prices have fallen for five consecutive weeks since the last week of July. As summer weather conditions are better than last year and there are no major problems with supply and demand, agricultural product prices are expected to continue to gradually slow down. In particular, considering that fruit prices have seen double-digit increases since August last year, a base effect is expected to occur this month as well.
Earlier, Kim Beom-seok, first vice minister of the Ministry of Strategy and Finance, said at a vice ministerial meeting on price relations on the 9th, “However, consumer prices have remained in the 2% range for four consecutive months, and core prices have also risen by 2.2%. “If temporary factors such as bad weather are resolved and there are no additional shocks, prices are expected to resume a slowdown in the low to mid-2% range in August,” he said.
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The first week of the National Assembly regular session, which will be held on the 2nd of next month, will include a schedule for reviewing the approval of the 2023 fiscal year settlement and reserve expenditures. Deputy Prime Minister and Minister of Strategy and Finance Choi Sang-mok will attend the plenary session of the National Assembly’s Special Committee on Budget Settlements from the 2nd to the 4th. Comprehensive policy inquiries are scheduled for the 2nd and 3rd, and detailed reviews of economic departments are scheduled for the 4th. The Budget and Accounts Committee plans to hold a plenary meeting to decide on a solution after completing a four-day subcommittee review starting on the 9th.
The Democratic Party of Korea announced an “eye-opening inspection” of the government’s fiscal 2023 solution plan. Policy Committee Chairman Chen Chengjun and Opposition Party Budget and Accounting Committee Secretary Heo Ying held a press conference on the 16th and said, “The 56.4 trillion won tax deficit is the responsibility of Yun Seok-yeol.” He said, “We will strictly hold those responsible accountable, including audits by the Audit Committee and requests for disciplinary action at the government level.”
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Below are the main weekly schedules and reports from the Ministry of Strategy and Finance, Statistics Korea, Korea Development Institute (KDI), and Korea Institute of Fiscal Studies (KIPF).
Weekly Highlights
△2nd (Monday)
10:00 Plenary meeting of the Special Budget and Settlement Committee (Minister of Parliament, Second Deputy Minister)
14:00 Opening of the regular session of the National Assembly (Ministers of the National Assembly)
14:00 Service Industry Development TF (First Deputy Minister, undisclosed)
△3rd (Tuesday)
08:00 Meeting of Deputy Ministers for Economic Relations and Deputy Ministers for Price Relations (First Deputy Minister, closed door)
09:30 Cabinet meeting (Ministers at Seoul Government Building)
10:00 Plenary meeting of the Special Budget and Settlement Committee (Minister of Parliament, Second Deputy Minister)
14:00 World Economic and Financial Stability Meeting (First Vice Minister, The Plaza Hotel, Seoul)
△4th (Wednesday)
10:00 Speech by the negotiating team representative (minister of parliament)
Plenary meeting of the Special Committee on Undecided Budget and Settlements (Speaker of the National Assembly, Second Vice Minister)
△5th (Thursday)
09:10 Supply Chain Fund Launching Ceremony (Minister of Export-Import Bank of China)
10:00 Speech by the negotiating team representative (minister of parliament)
Special Committee on Undetermined Budget and Accounts (Second Deputy Minister of the National Assembly)
14:00 Regular meeting of the Financial Services Committee (First Vice Minister, Seoul Building)
△6th (Friday)
10:00 Pending Government Affairs Ministerial Meeting (First Vice Minister, Seoul Government Building)
10:00 Steering Committee of Public Institutions (Second Deputy Minister, Private)
10:50 Foreign Ministers and Economic Ministers Meeting (Ministers at Seoul Government Building)
14:00 KSP Performance Sharing Session (Seoul Shilla Hotel Manager)
14:00 40th Anniversary Commemoration Meeting of the Public Enterprise Society (Second Vice Minister of Seoul National University)
16:00 Financial Management Strategy Committee (Second Deputy Minister of Civil Affairs)
Weekly Plan
△2nd (Monday)
09:30 Statistics Korea recruits investigators for the 2024 Basic Household and Housing Survey
10:30 “2024 Korea Economic Education Award” Competition
11:30 Medium- and long-term financial management planning for public institutions from 2024 to 2028
12:00 Online shopping trends in July 2024
12:00 Statistics Korea conducts daily price survey for the 2024 Chuseok holiday
12:00 Notice on KSP 20th Anniversary Performance Sharing Meeting – KSP 20 Years Performance and Vision –
15:00 Service Industry Development Working Group (TF) convenes
△3rd (Tuesday)
08:00 Consumer price trends in August 2024
08:30 Deputy Ministers’ Meeting on Economic Relations and Deputy Ministers’ Meeting on Price Relations
09:00 Consumer price trends in August 2024
14:00 20 major countries hold the 2024 World Economic and Financial Stability Meeting (G20)
△4th (Wednesday)
16:00 Outcome of the G20 Meeting on Global Economic and Financial Stability in 2024
△5th (Thursday)
12:00 2020 regional income statistics results
△6th (Friday)
14:00 The 20th Anniversary Performance Sharing Meeting of the Economic Development Experience Sharing Project (KSP) was held
14:30 The 13th National Statistics Development Forum was held
16:30 ‘One-stop Exit 119’ Jeju Field Trip
△7th (Saturday)
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△8th (Sunday)
12:00 The third financial management strategy meeting was held
12:00 243rd Foreign Ministers’ Meeting
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