Joint Public-Private Meeting on Price Stabilization of Lunar New Year Essentials Including Eggs Held on the 25th
Kim Yong-beom, Vice Minister of Strategy and Finance (third from the left), is delivering opening remarks at the "Public-Private Joint Task Force Meeting on Price Stabilization of Lunar New Year Seasonal Products Including Eggs," held on the 5th at the Government Seoul Office in Gwanghwamun, Seoul.
[Sejong=Asia Economy Reporter Kim Hyunjung] Amid the recent surge in egg prices due to the spread of highly pathogenic avian influenza (AI) causing supply shortages and the sharp increase in demand during the Lunar New Year holiday, the government announced that it will inspect all distribution processes of eggs and work with large supermarkets to stabilize supply and demand.
On the morning of the 5th, Kim Yongbeom, First Vice Minister of the Ministry of Economy and Finance, held the "Public-Private Joint Council Meeting on Price Stabilization of Lunar New Year Seasonal Goods including Eggs" at the Seoul Government Complex in Gwanghwamun, Seoul, stating, "The prolonged impact of AI and other factors has kept prices of key seasonal goods such as eggs high, placing a significant burden on food prices ahead of the Lunar New Year holiday."
He explained, "Fortunately, the recent spread of AI has somewhat slowed, and the distribution of imported eggs has begun, but there are still many challenges to overcome. Through the public-private joint council and other means, we will inspect difficulties throughout the entire egg distribution process and work to resolve issues promptly."
Earlier, the government announced that to stabilize egg supply, it would import about 20 million eggs from the 28th of last month until the 10th of this month before the Lunar New Year, and an additional approximately 24 million eggs would be imported by the end of February after the holiday. Furthermore, if supply conditions worsen due to the spread of AI, additional egg imports will be pursued.
Vice Minister Kim emphasized, "We will also strengthen cooperation with the distribution industry such as large supermarkets. In particular, price discount events like 'Nonghal Gapsida' will continue so that consumers can purchase eggs and other agricultural and livestock products at discounted prices in large supermarkets and traditional markets."
In addition, the supply of seasonal goods such as apples and pears will be increased to about twice the usual level. Vice Minister Kim stated, "In line with the Lunar New Year livelihood stabilization measures announced on January 20, we will expand the supply of items with concentrated holiday demand, such as apples by 2.1 times, pears by 1.9 times, beef by 1.4 times, and pork by 1.2 times."
He also warned of a firm response to market-disturbing activities. He stressed, "We will prepare to promptly implement price and supply stabilization measures stipulated under the Price Stabilization Act, such as the prohibition of hoarding and emergency supply-demand adjustment measures, if necessary."
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