All-Out Effort to Stabilize Perceived Grocery Prices... Delivery Prices and Discount Support Continue in April

Ministry of Agriculture, Food and Rural Affairs Holds Emergency Supply Stability Meeting for Agricultural and Food Products

The government has decided to make every effort to stabilize the perceived prices of grocery items by continuing to support delivery price subsidies and discount support this month as well.

On the 3rd, the Ministry of Agriculture, Food and Rural Affairs held the 'Emergency Supply and Demand Stabilization Measures Meeting for Agricultural and Food Products' at the Government Complex Sejong, chaired by Vice Minister Han Hoon.

Vice Minister Han said, "Despite difficult weather conditions such as frequent rainfall and reduced sunlight hours in February and March, vegetable and livestock product prices fell in March compared to the previous month due to government measures such as delivery price support and expanded discount support. Although prices of fruits, which saw reduced production last year, continue to be strong, from April, with improved weather conditions such as increased sunlight hours and the full effect of the emergency price stabilization funds deployed since the 18th of last month, the perceived prices of agricultural and livestock products are expected to stabilize."

A citizen shopping at Hanaro Mart Seongnam Branch in Seongnam, Gyeonggi-do. Photo by Jo Yongjun jun21@

The Ministry of Agriculture, Food and Rural Affairs will continue to implement emergency price stabilization measures this month to quickly reduce the perceived prices for consumers.

Since March 18, the government has expanded the target items and support prices (up to twice per item), operating flexibly according to supply and demand conditions and price situations for each item. Additionally, from late March, the support targets have been continuously expanded from companies supplying agricultural products to large retail chains (such as Nonghyup and agricultural corporations) to companies supplying to small and medium-sized marts, online shopping malls, and traditional markets.

In April, the discount rates of distribution companies nationwide?including large and small marts, Hanaro Mart, eco-friendly stores, and online malls?will be raised from the existing 20% to 30%.

Furthermore, to alleviate the price burden on consumers using traditional markets, an additional 'April Traditional Market Onnuri Gift Certificate Refund Event' will be held from the 6th to the 12th at 50 traditional markets nationwide. Also, Zero Pay agricultural discount gift certificates usable at traditional markets are being issued six times from March 21 to the end of April, totaling 60 billion KRW (18 billion KRW from the national budget). Individuals can purchase up to 100,000 KRW per month.

To disperse domestic fruit demand, the Korea Agro-Fisheries & Food Trade Corporation (aT) has significantly expanded the target items for direct fruit imports since the 21st of last month to 11 items, planning to supply over 50,000 tons with up to 20% discounts until the end of June. To enhance consumer perception, in cooperation with the Small Supermarket Association, 13,000 tons of oranges will be supplied at a discount to about 12,000 neighborhood stores nationwide starting April 4.

For Hanwoo (Korean beef) and Handon (Korean pork), emergency price stabilization funds will be injected, and discount events, which were previously implemented using self-help funds, will be expanded from 10 to 25 times annually for Hanwoo and from 6 to 10 times for Handon. For chicken, following March, delivery price support (over 1,000 KRW per bird) will continue in April for affiliated companies supplying large marts, and for eggs, the discount rate, volume, and target companies for delivery price support will be expanded.