Updated Wednesday, March 5, 2008 0:00 am TWN, Reuters

S. Korea, eyeing inflation, to freeze utility prices

SEOUL -- South Korea, whose import bill is soaring with record high oil prices, will freeze domestic utility charges at least through the first half of the year to keep a lid on rising inflation, officials said on Tuesday. The government has already announced plans to cut average taxes on domestic fuel sales by 10 percent — President Lee Myung-bak’s first major policy measure since taking office last week.

“It’s important for the government to curb inflation now because we have the election and wage negotiations coming up,” said Lim Ji-won, an economist at JPMorgan Chase.

 

 

 

 

 

 

 

 

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