News Karnataka
Sunday, January 29 2023
Asia

Seoul: SKorea to increase tax-free import to counter inflation

South Korea on Friday announced its decision to increase tariff-free import items as part of efforts to counter surging inflation
Photo Credit : IANS

Seoul: South Korea on Friday announced its decision to increase tariff-free import items as part of efforts to counter surging inflation, according to the Ministry of Economy and Finance.

No tariff will be imposed on seven more imported foodstuffs including beef and chicken later this month, reports Xinhua news agency.

Subject to the zero tariffs will be 100,000 tonnes of beef, 82,500 tonnes of chicken, 10,000 tonnes of powdered milk, 30,000 tonnes of pork belly and 448 tonnes of green onion, as well as coffee beans and ethanol materials.

The government lifted import duties on 26 major industry and food items, such as cooking il, pork and liquified natural gas (LNG), earlier this year.

The expanded zero-tariff imports came as the country’s headline inflation surged this year on the continued global supply chain disruptions and the prolonged geopolitical risks in Europe.

South Korea’s consumer prices soared 6 per cent in June from a year earlier, marking the fastest growth in nearly 24 years.

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