(Xinhua)
Updated: 2008-03-20 20:06

SEOUL  -- The South Korean government on Thursday unveiled a package of emergency inflation-taming measures in a bid to stabilize local consumer prices.

"As part of the anti-inflationary steps, the government will lower or eliminate import quota tariffs for a total of 82 items in the categories of grains, raw materials and agricultural and petrochemical goods," said Presidential Spokesman Lee Dong-kwan after President Lee Myung-bak presided over a meeting of economy- related ministers at the presidential office.

"Notably, the government will eliminate import tariffs on 90 percent, or 70, of the concerned products, effective from April 1, " the spokesman said.

Meanwhile, the government announced a plan to freeze almost all public utility rates, including public transportation fees, and tap water charges, through consultations with provincial governments and public corporations.

The government also decided to increase the weekly output of aluminum, copper, nickel and other nonferrous metals by about 40 percent to 4,800 tons.

"The president and economic ministers expressed concern over soaring global prices of oil and other raw materials during the two-hour meeting and agreed to file a list of 50 major products for intensive inflationary oversight," said the spokesman.

The government will intensively monitor 50 products, including rice, pork, cabbage, radish, garlic, egg, milk and ramyon, as they are mostly consumed by households in the bottom 40 percent income bracket.

The spokesman said the government will no longer be able to unilaterally push for price controls and thus will pursue market- friendly measures through the diversification of import sources and utilization of alternative goods.

The spokesman said other anti-inflationary measures would include an overhaul of distribution channels of agricultural and livestock products and the provision of low-interest loans to low income households incapable of coping with rising housing rents.