Government: "Agricultural and Livestock Product Prices Show Clear Stability... Vegetable Prices Expected to Turn Downward This Month"

August Agricultural and Livestock Product Prices Up 2.5%

Last month, the consumer price index for agricultural and livestock products rose by 2.3% compared to the previous month and by 2.5% compared to the same month last year, indicating that the rate of increase has slowed since peaking in March and has now stabilized.

According to the August consumer price survey results from the Ministry of Agriculture, Food and Rural Affairs on the 3rd, among agricultural products, fruit prices fell by 0.7% compared to the previous month but rose by 9.4% compared to the same month last year. This was influenced by an increase in the production of seasonal fruits such as peaches and grapes, but also by a decrease in the stock of apples and pears from last year. The Ministry expects that apple and pear production will increase this year and that shipments will begin in earnest, leading to a more stable supply and demand for fruits in the future.

Vegetable prices rose by 16.3% compared to the previous month due to summer weather conditions such as heavy rain and heatwaves, but fell by 1.7% compared to the previous year. A Ministry official stated, "Despite the record-breaking heatwave in August, the government's efforts to proactively secure stockpiles and swiftly restore damage from disasters have been successful," adding, "Prices of vegetables such as napa cabbage and spinach are expected to turn downward as temperatures drop in September."

Livestock products saw a 1.5% decrease compared to the previous month due to smooth supply across all livestock categories, but a 0.8% increase compared to the previous year. Processed foods and dining out prices rose by 1.9% and 2.8%, respectively, continuing a gradual slowdown trend since the peak in September 2022.

The Ministry of Agriculture, Food and Rural Affairs is implementing measures to stabilize the supply of seasonal products and expand discount sales ahead of Chuseok. A record-high supply of 153,000 tons will be provided for 14 seasonal items, and discount support is being promoted to ease consumer burdens. Through discount support, consumers can receive benefits of up to 40% when purchasing agricultural and livestock products at traditional markets and large supermarkets.

Additionally, to make Chuseok an opportunity for mutual prosperity between consumers and farmers, gift sets composed of items with ample supply such as Korean beef (Hanwoo), rice, and fruits are being offered at prices up to 30% lower.

Song Mi-ryeong, Minister of Agriculture, Food and Rural Affairs, stated, "We will not be satisfied with the slowdown in price increases but will closely monitor the supply and demand situation of all items and implement proactive and bold measures," adding, "We will carefully carry out the Chuseok seasonal product supply measures first and prepare plans in advance to manage the agricultural and livestock product peak seasons such as the kimchi-making season in a stable manner."