Reducing Chuseok Price Burden: "Agricultural and Livestock Prices Managed 5% Lower Than Last Year"

Press Conference at Government Sejong Complex on the 28th
"Stable Prices for Apples and Other Fruits; Vegetable Prices to Stabilize Soon"
Measures for Rice Harvest Season Before Chuseok
Announcement of Farm Income Safety Net Measures and Basic Plan to End Dog Meat Consumption in September

Song Miryeong, Minister of Agriculture, Food and Rural Affairs, announced on the 28th, "The goal is to lower the prices of 14 major agricultural and livestock products for this Chuseok by more than 5% compared to last year."

At a press conference held at the Government Complex Sejong on the same day, Minister Song said, "Ahead of this year's Chuseok holiday, not only apples but overall agricultural and livestock product prices are expected to remain stable."

Song Mi-ryeong, Minister of Agriculture, Food and Rural Affairs, is holding a press briefing on the 28th at the Government Sejong Complex, explaining the recent price situation of agricultural and livestock products.

The Ministry of Agriculture, Food and Rural Affairs has announced the "Chuseok Seasonal Product Supply Stabilization Plan," which expands the supply of 14 major seasonal products such as cabbage, radish, apples, onions, beef, pork, and eggs to a record high of 153,000 tons, and reduces consumer burden through discount support to stabilize shopping basket prices during the Chuseok peak season.

First, Minister Song forecasted that the price of 2024 apples will remain stable. He explained, "Last year, apple production was 390,000 tons, which was less than the average (490,000 tons), causing a significant supply shortage, but this year it is expected to recover to around 450,000 to 490,000 tons," adding, "Fruit prices, including apples, are expected to be very stable during the Chuseok holiday."

Vegetables, which have recently seen a sharp price increase due to reduced supply caused by the heatwave, are also expected to stabilize starting next week. Minister Song said, "Due to the heatwave, the wholesale price of cabbage at Garak Market rose by 4% compared to last year, but with the full-scale harvest beginning next week and maximum release of stockpiled quantities, prices are expected to stabilize."

Regarding the recent drop in farm gate rice prices (80kg) to the 170,000 won range, he diagnosed it as "due to weaker-than-expected consumption" and stated that efforts will be made to reduce rice cultivation area and expand consumption simultaneously. Minister Song said, "Following the ruling party and government’s decision on the 25th to purchase an additional 50,000 tons of last year's rice, the downward trend in rice prices is expected to stop," and explained, "A rice harvest season plan, including production volume, consumption volume, and corresponding isolation quantities, will be announced next month earlier than usual."

He reiterated his opposition to the amendment of the Grain Management Act, which would require the government to compulsorily purchase surplus rice. Minister Song emphasized, "One of the important solutions to the rice price issue is to reduce the rice cultivation area to decrease supply. To balance supply and demand, production must be reduced, and we should not send a signal that the government will compulsorily purchase surplus rice." He added, "From the perspective of food security, we need to reduce surplus rice and increase the production of wheat and soybeans," and further stated, "While reducing rice production, we will actively promote measures to increase consumption such as encouraging breakfast rice consumption and expanding rice processed products and rice alcohol."

The Ministry of Agriculture, Food and Rural Affairs plans to release next month a basic plan detailing specific support criteria and scale for the early termination of dog meat consumption, as well as a mid- to long-term development plan for the Hanwoo industry. Minister Song said, "According to the principle of providing maximum support within a reasonable range, additional incentives will be offered if the early termination of dog meat consumption is implemented," and added, "We will discuss incentives and penalties for effective Hanwoo supply and demand control with producer organizations and prepare measures including supply and demand control and reduction of Hanwoo production costs."