South Korea to temporarily lift import duties on corn to stabilize prices

  • plans to import edible corn and some grains without tariffs until the end of this year under the quota tariff system, according to Finance Minister Hong Nam-ki.
  • Currently, duties of 3 percent are levied on imported corn
  • “There is a limited chance that annual inflation will exceed (the central bank’s target of) 2 percent, but consumer price growth is expected to temporarily pick up in the second quarter,” Hong said at a meeting on the economy.

The piece further notes on price inflation:

  • Last month, prices of agricultural, livestock and fisheries products advanced 13.7 percent on-year due to a supply shortage and the outbreak of bird flu. 

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