To overcome the economic decline caused by the pandemic, astronomical stimulus funds have been released on the market worldwide. The consequence that we are now faced with is severe inflation.
Now, countries around the world, including the United States, are recovering funds released on the market by implementing high-interest rate policies to prevent an economic crisis caused by high prices.
In the midst of this, the working class is suffering from double hardships, directly hit by high-interest rates and high prices.
2023 Established Comprehensive Measures for Price Management
Daejeon City is implementing the “2023 Comprehensive Price Stabilization Measures” policy to effectively respond to inflation, which is a big burden on the working class.
The measures of the policy will be implemented in three areas: establishing a price management system, stabilizing each price sector, and creating an atmosphere of price stability.
To this end, the Daejeon city government plans to operate a comprehensive situation room for price measures throughout the year, and focus administrative power on price stability in cooperation with related organizations such as consumer groups.
One specific policy that will be enacted has to do with utility fees. Local public utility fees will remain stable, in cooperation with related departments and institutions. If an inevitable increase is needed, efforts will be made to reduce the burden on citizens, such as incremental, gradual increases that will minimize negative impacts on residents of the city.
Then, in order to stabilize prices for necessities, responsibility managers will be designated for 30 product types, including agricultural and fishery products. Excessive increases and violations of the country of origin labeling system will result in punitive action against companies.
The Promotion of Fair Price Businesses
Daejeon City will greatly expand support for “fair price businesses” to create an atmosphere of social responsibility among businesses.
In addition, interest support for small business owners’ management improvement funds, additional points when applying for self-employed doctor’s system and live commerce businesses, incentives for businesses, and promotion of businesses through the website, newsletter, and official social media accounts of the city will be offered.
Further, in order to instill a safe and fair image of Daejeon among tourists during local events such as the “0 o’clock festival,” price collusion or rip-off charges will be prosecuted through the activities of the city’s joint inspection team and price monitoring team.
Overall, the government plans to go all-out on efforts to stabilize the local economy in favor of the working class by identifying the price trends of peak products and focusing on eradicating unfair business practices.
Original Source: Daejeon Metropolitan City
Translated by: Kizzy Kuhn