Finance Minister Choo Kyung-ho said on Thursday that the country’s inflation will likely peak and begin to slow down next month. 

The minister gave his projection during a plenary session of the parliamentary committee on strategy and finance in Seoul. 

Minister Choo gave a cautious outlook, that even with the recent steep decline in the won’s value against the U.S. dollar, consumer prices will reach a new high in October and then begin to tap the brakes.

He said the nation is still struggling with high fuel costs and other lingering external factors, but he believes concerns on consumer prices will start to ease after October. 

Regarding the planned hikes in electricity and gas bills, the minister said that the government will make its decision at an appropriate time in line with various contributing factors for energy prices, the earnings for the relevant companies and the public's cost burden. 

Choo added that regulators and the financial industry are in the final stage of consultations regarding a possible extension of support measures for small businesses hit by the COVID-19 pandemic.