South Korean Finance Minister Cho Kyung-Ho announced on Wednesday that his country will extend fuel tax cuts until next October, in conjunction with efforts to address inflation and ease the financial burden on the public.
Data from the Korea Statistics Authority showed that consumer prices, a key measure of inflation, rose by 2.3% in July from a year earlier, compared with a 2.7% increase in June. This represents the lowest progress since June 2023.
But prices for utility services continued to grow at a sharp pace, jumping by 21.1% during this period, as the state-run Korea Electric Power Company raised electricity bills to compensate for its growing losses. South Korea relies heavily on imports to meet its energy needs.
The government is applying a 25% discount on gasoline consumption and a 37% discount on diesel consumption, which was due to expire at the end of this month.
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