S. Korea's finance minister-nominee vows to contain inflation

South Korean finance minister-nominee said Wednesday taming inflation remains to be the policy priority, vowing not to deviate from the current government policy direction.

Reining in inflationary pressure and maintaining stable economic growth will be a goal, Bahk Jae-wan said during his parliamentary confirmation hearing, adding he might have to revise upward the country's current inflation target of 3 percent given economic conditions.

While speaking in favor of planned tax cuts opposition parties say will only benefit the wealthy, he cautioned against rising demands for a government-funded universal welfare system, citing a lack of fiscal viability.

Bahk, former labor minister and Harvard-trained professor, had briefly worked at the finance ministry and served as a senior presidential secretary before President Lee Myung-bak named him as the finance minister earlier this month.

Faced with rising consumer prices and raw material prices, the president recently declared war against runaway inflation.

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