Government to Focus on Prices of 7 Items Including Ramen, Sugar, and Milk... "Will Form a Processed Food Price Task Force"

The government will designate dedicated staff for seven items, including ramen, sugar, and milk, to take charge of price management. As the upward trend in prices continued last month, the government is launching an all-out effort to curb inflation. In particular, a processed food price task force (TF) will be formed to regularly monitor processed food prices.

On the 6th, the Ministry of Agriculture, Food and Rural Affairs announced plans to assign dedicated staff to closely monitor price trends for seven items: ramen, bread, snacks, coffee, ice cream, sugar, and milk.

An official from the ministry said, "Currently, one officer is in charge of monitoring processed food price trends, but we plan to strengthen monitoring by appointing additional staff responsible for each item," adding, "Within this week, we intend to separately form a TF to manage prices of processed foods such as ramen, bread, and snacks."

This is part of the government-wide special price stabilization system announced by Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho at the emergency economic ministers' meeting and price-related ministers' meeting on the 2nd. Deputy Prime Minister Choo stated, "All ministries will immediately activate the government-wide special price stabilization system, prioritizing price stability as the top policy agenda."

According to the consumer price trends for October released by Statistics Korea on the 2nd, ice cream prices rose 15.2% compared to the same month last year. Milk increased by 14.3%, bread by 5.5%, and snacks, frozen desserts, and sugars by 10.6%.

Geopolitical factors such as the Israel-Palestine conflict have reduced the decline in oil prices, and adverse weather conditions have pushed up agricultural product prices, shaking the price stabilization momentum. The consumer price index for October rose 3.8% compared to the same period last year. The inflation rate fell from 5.2% in January to 4.2% in March and 2.3% in July, but has risen for three consecutive months, approaching the 4% range.