South Korea will expand the amount of imported pork subject to lower tariffs as part of efforts to stabilize food prices and ease inflationary pressure, Yonhap News Agency reported.

"We will significantly expand the amount of pork imports subject to lower tariff rates, while at the same time encouraging (pork) producers and distributors to voluntarily cooperate in stabilizing prices," Minister of Finance Jae-Wan Bahk told an anti-inflation policy meeting today.

The move comes as South Korea's inflation has remained high for a prolonged period of time, spawning concerns that price instability could hurt the ongoing economic recovery. The nation's consumer prices jumped 4.4 percent last month from a year earlier, marking the sixth straight month that the figures exceeded the government's annual inflation target of 4 percent.

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