The government stated it would consult with the industry to delay and spread out price increases to stabilize food and dining prices. A plan to improve the distribution structure of agricultural and fishery products to induce price stabilization will also be announced next week.
Bom Kim, Vice Minister of the Ministry of Economy and Finance, presided over the price-related vice ministers' meeting at the Government Complex Seoul on the 28th, discussing recent price trends and response measures.
The meeting discussed price trends and response plans for items such as agricultural, livestock, marine products, and processed foods; the progress of improving the distribution structure of agricultural and fishery products; and the strengthening of market monitoring in sectors closely related to people's livelihoods, along with the promotion of institutional improvements.
Vice Minister Bom Kim emphasized during the meeting that, "Although the recent upward trend in petroleum and agricultural product prices has eased, the cost of living felt by the public, particularly in areas such as cabbage, radish, and food and dining, remains significantly high," and noted, "We will respond with full force at the inter-ministerial level to stabilize food prices closely related to people’s livelihoods."
To achieve this, the government decided to maintain various support policies aimed at stabilizing food and dining prices, including the imposition of allocation tariffs on food raw materials, the expansion of funding support for purchases, and the exemption of value-added tax on coffee and cocoa imports. Additionally, plans are in place to collaborate with the industry, led by the Ministry of Agriculture, Food and Rural Affairs, to postpone or disperse price increases as much as possible and minimize both the increase rate and the number of products.
In this context, the government plans to review the progress of implementing the "plan to improve the distribution structure of agricultural and fishery products" aimed at enhancing consumer benefits and will announce it next week. The government’s main goals are to promote competition through diversifying distribution channels and to reduce expenses at each distribution stage.
Regarding the recent wildfires in Uiseong, North Gyeongsang Province, Vice Minister Kim urged, "Relevant ministries and local governments must work closely together to ensure the safety of residents and minimize damage to the agricultural and livestock industries, and thoroughly check the supply status of local agricultural products to respond in a timely manner."