Government to Increase Supply of Essential Goods Three Weeks Before Lunar New Year... Resumption of Egg Imports

[Sejong=Asia Economy Reporter Kim Hyunjung] The government, seeing considerable inflationary pressures ahead of the Lunar New Year holiday, will expand the supply of seasonal goods starting three weeks before the holiday. The usage limit for discount coupons on agricultural, livestock, and fishery products will be raised from the existing 10,000 won to 20,000 won. For eggs, whose prices have been rising, imports will resume starting this month.

On the 17th, the government held a policy review and inflation vice ministerial meeting at the Government Seoul Office, chaired by Lee Eokwon, the First Vice Minister of the Ministry of Economy and Finance, announcing these measures. In his opening remarks, Vice Minister Lee said, "Although prices of major vegetables are gradually stabilizing, prices of livestock products such as beef and pork remain strong, and with the occurrence of avian influenza (AI), inflationary pressures persist ahead of the Lunar New Year holiday."

Accordingly, the government designated 17 major seasonal products, including cabbage, radish, beef, pork, chicken, eggs, mackerel, hairtail, and rice, as key management items during the Lunar New Year period and decided to prepare measures to stabilize prices and expand supply. The supply volume of seasonal goods will be increased compared to normal times, and the supply period will start one week earlier than usual, beginning three weeks before the Lunar New Year.

For agricultural, livestock, and fishery product discount coupons (20?30%), the usage limit during the holiday period will be raised from 10,000 won to 20,000 won. Special discount events for the Lunar New Year will also be held.

The government plans to increase the supply of beef and pork by operating slaughterhouses at night and on weekends during the holiday period and will implement measures such as resuming egg imports from this month through December.