Government Releases 1.12 Million Fresh Eggs... "Focusing on Stabilizing Prices for Seollal"

Ministry of Economy and Finance Holds Vice Ministers' Meeting on Prices
Supply of Imported Eggs to Market in Preparation for Avian Influenza

Kim Byung-hwan, First Vice Minister of the Ministry of Economy and Finance, is presiding over the 8th Vice Ministerial Meeting on Prices at the Government Seoul Office on the 12th. (Photo by Ministry of Economy and Finance)

The government will supply imported fresh eggs at a discount and expand support for the delivery price of green onions to stabilize winter agricultural product prices, which have been fluctuating due to cold waves and heavy snowfall.

On the morning of the 12th, the Ministry of Economy and Finance held the '8th Vice Ministerial Meeting on Prices' at the Government Seoul Office Building, chaired by First Vice Minister Kim Byung-hwan, to focus on monitoring unstable price items and discuss countermeasures such as price stabilization measures.

The government has expanded support for the delivery price of green onions, whose prices have been soaring due to worsening weather conditions, from 500 won to 1,000 won since early this month, and decided to import 3,000 tons from mid-month through tariff reductions.

In preparation for the spread of highly pathogenic avian influenza (AI), 1.12 million imported fresh eggs are being supplied at a discounted price of 4,990 won per 30 eggs through large supermarkets and other outlets since the day before.

Additionally, the government is reviewing the price situation of food and dining sectors, which often experience price adjustments at the beginning of the year, and is swiftly promoting support measures to reduce cost burdens on businesses. The budget for the Dining Industry Promotion Fund, which supports operating and facility funds for dining businesses, has been doubled to 30 billion won from last year's 15 billion won.

Starting next month, to stabilize flour prices, the government plans to support flour millers' wheat import costs (a loan fund of 450 billion won) and newly promote support for increased electricity charges for aquaculture households (up to 440,000 won per household).

Recently, fruit prices such as apples and strawberries have remained strong, while prices of some vegetables like lettuce and cucumbers continue to soar due to heavy snowfall and cold waves. As of the 10th, prices of green onions and cucumbers rose about 20% compared to the previous year, and prices of apples and tangerines surged up to 30% compared to last year.

However, the recent stabilization of international oil prices is providing relief to inflation. With international oil prices fluctuating around the $70 per barrel range and showing stability, gasoline prices have fallen for 14 consecutive weeks.