Finance Minister Choo Kyung-ho said that the inflation rate in November is likely to be around three-point-six percent.

Appearing on a KBS program on Sunday, the minister presented the projection, citing the general downward trend of prices of agricultural products due to the government’s active efforts to stabilize supply and demand.

As for the government’s move to control the prices of key food products, Choo said that prices cannot be stabilized by the government alone, and there are many areas in which all sectors must cooperate together.

He added that the government tries to stabilize prices by seeking cooperation and does not visit the production sites to check the cost.

The minister said the government plans to freeze utility prices for the time being, asking public firms and local governments to maintain prices through better management and not to raise prices at once.

Regarding the government’s strong criticism of banks reaping massive earnings from interest rates, Choo said that the public is very critical and discontent about the situation as they are struggling with the high borrowing rates. He added that the banking industry needs to make efforts to ease the public burden of high interest rates.