Agriculture Ministry: "Agricultural Product Prices Down 3.9% from Previous Month... Discounts and Supply Price Support Continue in May"

Emergency Supply Stability Meeting for Agriculture and Food
KOSTAT Reports April Consumer Prices Up 2.9% Year-on-Year

The government has decided to continue promoting discounts and delivery price support to stabilize agricultural product prices in May.

On the 2nd, the Ministry of Agriculture, Food and Rural Affairs held the 'Emergency Supply and Demand Stabilization Meeting for Agricultural and Food Products' at the Government Complex Sejong, chaired by Vice Minister Han Hoon.

Vice Minister Han said, "According to the April consumer price trends announced this morning by Statistics Korea, the overall inflation rate dropped below 3% for the first time in three months since January, recording 2.9% compared to the same month last year. Agricultural product prices fell by 3.9% compared to the previous month, thanks to increased shipments due to improved weather conditions and the government's emergency price stabilization measures."

Han Hoon, Vice Minister of the Ministry of Agriculture, Food and Rural Affairs, is presiding over the "Emergency Supply Stability Measures Meeting for Agricultural and Food Products" at the Government Complex Sejong on the 2nd.

Livestock product prices fell by 0.1% compared to the previous month due to seasonal demand increases and strong imported beef prices, supported by stable domestic livestock supply and continuous discount events.

Vice Minister Han explained, "Despite cost pressures from unstable international oil prices and rising exchange rates, processed food prices have shown a low increase rate of around 1% compared to the same month last year, thanks to active cooperation from the food and dining industries. Dining prices have continued to slow their rate of increase since April last year."

The Ministry of Agriculture, Food and Rural Affairs plans to make its best efforts to alleviate the burden of food prices for the public in May, the month of family celebrations. Emergency price stabilization measures to directly ease consumer burdens will continue to be promoted in May.

First, support for delivery prices of fruits and vegetables will be operated flexibly while closely monitoring prices and supply-demand trends by item. In particular, support for seasonal fruits and vegetables such as chamoe (Korean melon) and watermelon, which have a large consumption share in May, as well as traditional markets, will be gradually expanded.

To substitute for the demand for apples, which have insufficient stored quantities, direct import discount supplies of 11 fruits including bananas, kiwis, and cherries will be steadily promoted at around 50,000 tons until the end of June. Additionally, to stabilize prices of livestock products with increasing demand during the holiday season, monthly discount events for Korean beef (Hanwoo) and pork (Handon) will be held, and reductions in delivery prices for eggs and chicken by distribution companies will be continuously pursued until the end of the year.

Furthermore, to stabilize processed food and dining prices, communication with the industry will be strengthened to identify tasks to reduce management burdens, and a cooperative system for price stabilization will be more firmly established.

Vice Minister Han said, "We will faithfully implement the emergency price stabilization measures to ensure that the price stabilization trend in April continues. We will also make every effort, including thorough growth management, to stabilize the supply and demand of agricultural and livestock products."