South Korea to temporarily lift import duties on corn to stabilize prices

plans to import edible corn and some grains without tariffs until the end of this year under the quota tariff system, according to Finance Minister Hong Nam-ki.
Currently, duties of 3 percent are levied on imported corn
“There is a limited chance that annual inflation will exceed (the central bank’s target of) 2 percent, but consumer price growth is expected to temporarily pick up in the second quarter,” Hong said at a meeting on the economy.

The piece further notes on price inflation:

Last month, prices of agricultural, livestock and fisheries products advanced 13.7 percent on-year due to a supply shortage and the outbreak of bird flu.

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