Choi Sang-mok: "March Inflation Peak... Rapid Stabilization in the Second Half"

"Agricultural and Livestock Product Discounts Raised to 30%... Directly Imported Fruits Expanded by 50,000 Tons"
Distribution Structure Improvement Plan to be Announced This Month

The government will increase the discount support rate for agricultural and livestock products from 20% to 30% to stabilize food prices. Additionally, the volume of directly imported fruits will be expanded to over 50,000 tons in the first half of the year.

On the 2nd, the Ministry of Economy and Finance announced that at the 'Price-Related Ministers' Meeting' held at the Government Complex Sejong, chaired by Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok, they discussed price response measures and plans to enhance the competitiveness of the fruit industry.

According to the 'March Consumer Price Trends' released by Statistics Korea that day, the consumer price index rose by 3.1% year-on-year last month, maintaining a 3% range for two consecutive months following the previous month (3.1%).

Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, is delivering opening remarks at the Price-Related Ministers' Meeting held at the Government Sejong Complex on the 2nd.

Deputy Prime Minister Choi said, "In March, supply-side factors such as rising international oil prices and worsening weather conditions overlapped, raising concerns about an acceleration in inflation, but it is judged that the reins on inflation have been tightened."

He added, "From April, with improved weather conditions and the full effect of policies, unless there are additional unusual factors, inflation is expected to peak in March and rapidly stabilize in the second half of the year."

Deputy Prime Minister Choi emphasized, "Since the inflation level felt by the public is not low, we will respond with full force to quickly stabilize inflation in the 2% range." First, to stabilize food prices, he announced that in April, the discount support rate for agricultural and livestock products will be raised from 20% to 30%, and the volume of government direct imports of fruits will be expanded to over 50,000 tons in the first half of the year.

Furthermore, the contract cultivation volume of apples this year will be increased from 49,000 tons to 60,000 tons, and the number of specialized smart orchards will be significantly expanded from 5 sites in 2025 to 60 sites by 2030.

Deputy Prime Minister Choi stated, "We will immediately activate the task force (TF) to improve the distribution structure of agricultural, livestock, and fishery products and announce the 'Improvement Plan for the Distribution Structure of Agricultural and Livestock Products' within this month." Lastly, he mentioned, "Reflecting the recent decline in international grain prices, some industries have lowered product prices," and urged, "Since the government continues to provide fiscal and tax support introduced during the high inflation period, we ask the industry to actively participate in alleviating the burden on the public."