South Korea's government is working on ways to reduce the tax burden and on additional measures to ease living costs, the finance minister said on Tuesday (May 31).

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"We are studying ways to reduce the tax burden, such as the corporate income, inheritance and gift tax burden," a media pool report quoted Finance Minister Choo Kyung-ho as telling reporters at the ministry building in Sejong, south of Seoul.

Choo did not describe further possible measures to cut living costs that were under consideration. The government has already cut taxes on oil products and some imported foods and announced plans to further help the poor pay for energy.

President Yoon Suk-yeol, inaugurated early this month for a single five-year term, promised during election campaigning to cut the tax burden, possibly by reducing tax rates.

Choo repeated his earlier comment that the year-on-year inflation rate would stand above 5 per cent for some time before retreating. It reached a more than 13-year high of 4.8 per cent in April.

Choo declined to comment on the won's fluctuations in recent weeks.