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[SEOUL] South Korea will aim to reform its product distribution structure this year in order to boost domestic consumption, which is expected to pick up in 2015 compared to last year, its vice finance minister said on Wednesday. "We have heard the recent fall in commodity prices, like oil, have not led to a decline in most product prices," Vice Finance Minister Joo Hyung-hwan said at a meeting in Seoul to discuss inflation. "Headline inflation is stable, but some are criticising that the people are unable to feel that actual Joo said the government attributes this price inflexibility to a complicated and monopolised distribution structure that limits competition and keeps prices from falling within South Korea.
The government will focus on any unfair trade within discount and department stores as well work to lower city gas prices and airline fuel surcharges to reflect falling global oil prices.
South Korea sees inflation rising to 2.0 per cent this year from an average 1.3 per cent in 2014.