Koo Yun-cheol, Deputy Prime Minister for Economic Affairs and Minister of the Ministry of Economy and Finance, said on the 4th that the government "will mobilize all available means to ease the burden of grocery prices during kimchi-making season, including supplying more than 47,000 tons of napa cabbage and radishes."
Deputy Prime Minister Koo said this at the joint meeting of ministers on economic affairs and ministers on prices held that day, saying, "We will make every effort to stabilize the cost of living, which is key to the public livelihood."
According to the Ministry of Economy and Finance, the consumer price inflation rate in Oct. was 2.4%. In addition to the base effect from last year's low prices for fruit and petroleum products, frequent rainfall and long holidays pushed up prices for agricultural products and services such as lodging and travel.
Deputy Prime Minister Koo emphasized, "As weather uncertainties such as sudden cold snaps continue, we will stay alert and continue managing prices."
To that end, the government will supply more than 47,000 tons of kimchi vegetables such as napa cabbage and radishes, and additionally release some 5,000 tons of chili peppers, garlic, onions and salt. It will also invest 50 billion won, the largest amount ever, to hold discount events during the kimchi-making season and offer discounts of up to 50% on kimchi vegetables, salted shrimp and pork.
In addition, relevant ministries will continuously monitor item-by-item prices and supply-demand conditions and, if necessary, immediately prepare additional response measures.
Following the plan released in Sept. to improve the distribution structure for agricultural products, the government also decided to move forward with improving the distribution structure for seafood.
Deputy Prime Minister Koo said, "By 2030, we will streamline distribution channels with a goal of reducing the distribution cost ratio by 10% and swiftly transition to smart fisheries in response to climate change."
To support this, the government will promote activation of the online wholesale market and relax seller enrollment requirements to expand transaction items from 60 to 134, more than doubling them. It also plans to establish smart aquaculture clusters in five locations—Gangwon, Pohang, Sinan, Jeju and Dangjin—by 2028, and to swiftly develop an artificial intelligence (AI)-based model to forecast supply and demand for seafood.