Choo Kyung-ho: "Doing Our Best to Stabilize Chuseok Prices... Expanding Supply of Items with Price Instability"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho visited the Hanaro Mart Yangjae branch in Seocho-gu, Seoul on the 17th to check the price trends of Chuseok seasonal products.

On the day, Minister Choo examined the supply and demand situation of major seasonal products such as cabbage, radish, onion, garlic, and apples, and held a meeting with related organizations including the Nonghyup.

Minister Choo stated, "Overall, the Chuseok shopping basket prices seem to be generally stable," but added, "Seafood and chicken prices still appear to be at a burdensome level."

He then requested related organizations such as the Nonghyup and Suhyup to make thorough efforts in managing the supply and demand of unstable price items and providing discount support during the remaining period, as agricultural, livestock, and marine products are directly linked to the prices in the shopping baskets of ordinary citizens.

Related organizations reported that as of the 14th, 68,000 tons out of 160,000 tons of Chuseok seasonal products had been supplied.

They also introduced that out of the 67 billion KRW budget for agricultural, livestock, and marine product discount events during the Chuseok period, 20 billion KRW had been spent as of the 13th. Of the remaining 47 billion KRW budget, 29.8 billion KRW will be invested in online and offline discounts, 15 billion KRW in the traditional market Onnuri gift certificate refund event, and 1.87 billion KRW in Zero Pay agricultural, livestock, and marine product gift certificates.

As of the 15th, the average price of 20 major Chuseok seasonal products remains at about -6.0% compared to the average of the three weeks before last year’s Chuseok. However, pollock (18.4%), yellow croaker (9.5%), and chicken (8.9%) show high price levels.

The government plans to further expand the supply of chicken and yellow croaker.

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho visited Yangjae Hanaro Mart in Seocho-gu, Seoul, on the afternoon of the 17th to check the implementation status of the Chuseok price and livelihood stabilization measures and the trends in grocery prices.