Government: Lunar New Year seasonal product prices 3.2% lower than last year... "Record high supply and discount support effects"

Supply of 256,000 Tons of 16 Essential Goods
94 Billion Won Invested in Discount Support

Ahead of the Lunar New Year holiday, the government supplied the largest-ever volume of holiday seasonal products and provided the highest level of discount support, resulting in prices of holiday seasonal products being more than 3% lower than last year.

The Ministry of Agriculture, Food and Rural Affairs and the Ministry of Oceans and Fisheries announced on the 8th that from January 19 to February 7, the consumer prices of 16 major seasonal products remained 3.2% lower compared to the average of the three weeks before last year’s Lunar New Year.

Prices of apples (10.7%) and pears (19.2%), which saw reduced production due to last year’s weather disasters, and squid (9.9%), which is experiencing a global production decline, were higher than the previous year. However, prices of livestock products such as beef (-2.8%), pork (-6.6%), and eggs (-11.3%), as well as seafood like hairtail (-11.0%) and pollock (-7.6%), showed stability, leading the overall price decline.

Gift boxes of fruits such as apples and pears are displayed at Hanaro Mart Yangjae Branch in Seocho-gu, Seoul. Photo by Jinhyung Kang aymsdream@

To stabilize prices during the Lunar New Year holiday, the government supplied 256,000 tons of 16 seasonal products using government reserves and contract farming volumes from the 19th of last month to the 7th of this month, exceeding the original plan. This is the largest volume ever. In particular, for apples and pears, which had high prices, the government supported price reductions at marts for 900,000 packs of three-piece sets for ancestral rites starting one week before the holiday, and prepared 100,000 value gift sets supplied at prices 15-20% cheaper than market prices.

The government also implemented the highest level of discount support ever. With a budget of 94 billion KRW, more than three times last year’s amount, discount events for agricultural, livestock, and seafood products were held. The government supported a 30% discount up to 20,000 KRW per person, and participating companies offered additional discounts, allowing consumers to purchase agricultural, livestock, and seafood products at prices discounted by up to 60%.

Park Su-jin, Director of the Food Policy Office at the Ministry of Agriculture, Food and Rural Affairs, said, “Despite difficulties due to decreased production of major agricultural products such as apples and pears, the government, producers, and distribution industry worked together to ease the burden of holiday shopping prices.” She added, “We will continue to monitor supply and demand daily and respond proactively to ensure stable prices of agricultural and livestock products after the Lunar New Year.”