South Korea's ministers will hold a meeting this week to discuss ways to cut housing rental prices and public utility costs as part of efforts to drive down consumer prices, the Ministry of Strategy and Finance said Wednesday.

   Finance Minister Bahk Jae-wan will preside over a meeting with heads of land, agricultural and economy ministries and the anti-trust agency on Friday to discuss ways to reduce a range of consumer prices, the ministry said.

   "The meeting is aimed at checking the government's consumer price policies after Minister Bahk Jae-wan presented price stabilization as his top policy goal in his inauguration speech," a ministry official said.

   During the meeting, ministers will discuss how to drive down prices of home rentals and lower utility costs in provinces as well as the costs of daily necessities, according to the ministry.

   Following the discussions, ministers are expected to release price-reducing measures in an economic policy plan for the second half, scheduled for release later in June, the ministry noted.

   Sharp consumer price gains have added to economic uncertainties in the country as prices exceeded the upper ceiling of the central bank's 2-4 percent inflation target for the fifth straight month in May.

   The on-year growth of consumer inflation slowed to 4.1 percent in May from 4.2 percent in April. But core inflation, which excludes volatile oil and food prices, rose 3.5 percent last month from a year earlier, the highest increase in 23 months and up from a 3.2 percent gain in April.

Source: Yonhap News (June 8, 2011)