Korea to spend W1tr to ease living costs, lower fuel price caps

South Korea will deploy 1 trillion won ($647 million) to ease the burden of high living costs, while lowering fuel price caps and freezing major public utility rates in the second half of the year.

"We will inject 1 trillion won in fiscal spending to support small merchants hit by high oil prices and mobilize all available measures to do our utmost to keep consumer inflation below 3 percent in the second half," Finance Minister and Deputy Prime Minister Koo Yun-cheol said Friday.

Koo announced t ...