Lee Hyung-il, Vice Minister of Economy and Finance, said on the 2nd, "As Chuseok is just a month away, please proactively check the supply situation of major seasonal goods and mobilize all available means, including the supply of stockpiled items and discount support, to ensure food price stability."
The Vice Minister chaired a "price-related Vice Ministers' meeting" at 10 a.m. that day and made this statement. The meeting included the Ministry of Agriculture, Food and Rural Affairs, the Ministry of Oceans and Fisheries, and the National Statistical Office, which discussed the August consumer price trends, price trends by food item, and response directions.
According to the National Statistical Office's August consumer price trends, the consumer price index last month was 116.45 (2020=100), reflecting a 1.7% increase compared to the same period last year. The rate of increase fell by 0.4 percentage points compared to the previous month, marking the smallest increase since November last year (1.5%).
However, this is due to the significant reduction in public service prices resulting from 50% discounts from some telecommunications companies, while agricultural, livestock, and fisheries prices rose by the largest margin in 1 year and 2 months (4.8% compared to the previous year).
The Vice Minister assessed, "While the August consumer price increase rate recorded 1.7% due to discount on communication fees, the upward trend of agricultural, livestock, and fisheries prices due to adverse weather conditions continues to burden food prices."
The government plans to announce measures for stabilizing seasonal goods prices and ensuring public welfare during Chuseok based on the discussions held at the meeting this month.
The Vice Minister urged, "Although there is a water shortage in Gangwon Province, including Gangneung, which is facing difficulties due to recent droughts, please make every effort to ensure there are no issues with the growth of highland crops such as cabbage and potatoes."
To stabilize cabbage prices, the government plans to supply leftover government stock (17,000 tons, 200-300 tons per day) and simultaneously strengthen growth management such as pest control. Regarding potatoes, it plans to expand the shipment of contracted cultivation volume (50 tons per day to 60 tons) and promote imports (1,000 tons) and fall potato purchasing and stockpiling (1,000 tons).
For livestock products, it will collaborate with the Korean Cattlemen's Association, the Korean Beef Promotion Organization, and NongHyup to hold a "Beef Prize Discount Event" selling Korean beef at 30-50% lower prices until the 5th. Additionally, to respond to the rise in pork prices, it will use the Korea Pork Promotion Fund to conduct discount events at major distribution companies until the 16th.
Additionally, to stabilize egg prices and supply, a meeting will be held with large retail stores, and discount events will be conducted in collaboration with egg production and distribution associations. To stabilize prices of fisheries products such as mackerel, assigned tariffs (10,000 tons from July to December), stockpiling of fisheries products, and discount events will be carried out without fail.
Regarding processed foods, following discounts on high-demand items such as ramen and snacks conducted by food and distribution companies in July and August, there are plans to continue discount events for expanded seasonal demand items this month in cooperation with the industry.