Choe Sang-mok, Deputy Prime Minister, "We Will Strengthen Efforts to Stabilize Food Prices"

Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, said, "We are aware that the burden of grocery prices on the public is still significant," and added, "We will further strengthen efforts to stabilize food prices."

On the 25th, Deputy Prime Minister Choi and Song Mi-ryeong, Minister of Agriculture, Food and Rural Affairs, visited the Hanaro Mart Seongnam branch to check the on-site implementation status of the government's price stabilization measures and consumer perceptions. Deputy Prime Minister Choi examined the price trends of agricultural, livestock, and fishery products, and both he and Minister Song visited the fruit and vegetable sections to check the supply and price trends of major agricultural products such as apples, pears, green onions, and zucchini.

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Strategy and Finance, visited the Nonghyup Hanaro Mart Seongnam branch in Seongnam, Gyeonggi Province on the 25th to check prices, inspecting price trends of major items such as fruits and vegetables. Attending the on-site price inspection were Song Mi-ryeong, Minister of Agriculture, Food and Rural Affairs, and Kang Ho-dong, President of Nonghyup. Seongnam ? Photo by Jo Yong-jun jun21@

Agricultural product prices rose sharply until February due to supply instability caused by adverse weather conditions at the beginning of the year, but in March, thanks to government support for delivery prices and expanded discount support, as well as discounted supply of directly imported fruits by the Korea Agro-Fisheries & Food Trade Corporation (aT), prices of most items have started to decline.

A Hanaro Mart official explained that in addition to the government's expanded support for delivery prices and increased discount rates (up to 30%), the mart itself is selling major agricultural, livestock, and fishery products at prices discounted by up to 40-50% through its own discounts.

Deputy Prime Minister Choi and Minister Song also checked the supply and price trends and discount event progress for livestock and fishery products at their respective sections. A Nonghyup official stated that since the 21st, discount events using Korean beef self-support funds have been held at over 750 Hanaro Mart stores nationwide, and that prices of eggs and chicken are also stabilizing downward due to support for delivery prices (eggs 1,300 KRW/30 eggs, chicken 1,500 KRW/kg).

The government will continue to provide price stabilization funds until agricultural product prices stabilize and plans to expand the scope of delivery price and discount support to include small and medium-sized marts and online shopping malls. Additionally, by early April, the number of fruit items subject to tariff quotas will be quickly expanded from the current 24 to 29 items, and direct fruit imports will be expanded from two types (bananas and oranges) to 11 types including pineapples and mangoes, supplying consumers with affordable prices without margins.

Furthermore, to prevent a recurrence of the sharp price surge caused by poor apple harvests last year, the government plans to prepare a fundamental "Fruit Industry Competitiveness Enhancement Plan" in cooperation with related ministries, covering all stages from production to distribution and consumption.