Finance minister Choo Kyung-ho has pledged to accelerate the implementation of the eight rounds of inflation and livelihood stability measures previously announced by the government while also putting forth additional proposals this week.

At an emergency economic ministers' meeting on Monday, Choo noted that inflation stayed above six percent for the second straight month in July in the wake of uncertainties over growth surrounding exports and investments.

The minister promised to prioritize the stabilization of consumer prices and people's livelihoods, announcing that new measures will take effect ahead of next month's Chuseok Thanksgiving holiday.

He also mentioned that the government will unveil its plan to stabilize the domestic housing market.

In a bid to revitalize the private sector, the government is expected to pursue policies that ease business regulations, resolve labor shortages and improve financing.