Kang Kyung-sung, Vice Minister of Industry, Urges Large Mart and Convenience Stores to Minimize and Delay Price Increases as Much as Possible

Kang Kyung-sung, the 1st Vice Minister of the Ministry of Trade, Industry and Energy, met with representatives of large supermarkets and convenience stores on the 25th to request their cooperation in stabilizing the prices of everyday goods for the public.

The Ministry of Trade, Industry and Energy announced that Vice Minister Kang visited the Lotte Mart Max Yeongdeungpo branch on the same day to check the price trends of major manufactured goods and met with representatives of large supermarkets and convenience stores.

This meeting was a follow-up to the Price-Related Vice Ministers' Meeting (held on the 19th of this month) and the Economic Issues Ministers' Meeting (on the 24th). The government is continuously expanding efforts and support to stabilize agricultural product prices, while strengthening cooperation with the distribution industry to stabilize prices of manufactured goods, which have recently announced plans for price increases.

Kang Kyung-sung, Vice Minister of the Ministry of Trade, Industry and Energy. (File photo)

At the meeting, Vice Minister Kang said, "We understand that due to the high exchange rate leading to increased import costs and wage hikes, manufacturers and distributors have no choice but to reflect these in their costs," but he urged, "Please delay the timing of price increases as much as possible and minimize the extent of increases so as not to significantly stimulate inflation."

He also said, "For products with price adjustments, please provide sufficient explanations such as prior notice so that the public can anticipate their consumption patterns, and if necessary, encourage rational consumption through early purchases. By actively discovering alternative products such as expanding PB (private brand) products, even if prices of some products are adjusted, please make efforts in the distribution industry to ensure that consumer welfare does not decrease by expanding choices."

The Ministry of Trade, Industry and Energy plans to identify unnecessary factors causing price increases through continuous on-site inspections of distribution channels and reflect these efforts in improving the distribution environment.