South Korea’s Ministry of Economy and Finance said today (July 8) that South Korea has decided to lift additional tariffs on imported goods to address the problem of rising inflation. It will lift import duties on seven food products, including beef and chicken, this month.
Earlier this year, the South Korean government lifted tariffs on 26 key industrial and food products, including cooking oil, pork, and liquefied natural gas (LNG).
Other items not subject to import duties as of this month include 100,000 tons of beef, 82,500 tons of chicken, 10,000 tons of milk powder, 30,000 tons of pork belly and 448 tons of green onions, as well as coffee beans and ethanol production.
The extension of the lifting of import tariffs has already been implemented. Meanwhile, headline inflation in South Korea has soared this year. It has been pressured by the continued disruption of global supply chains and ongoing political risks in Europe.
South Korea’s consumer price index (CPI) rose 6% in June from a year earlier, the fastest growth in nearly 24 years.