Livestock Product Discounts Until the 31st, Including Processed Meats
Expanded Supply of Reserve Stocks for Hairtail, Squid, and More
Inspection of Unfair Practices Related to Rising Egg Prices
The government will expand the list of agricultural products eligible for discount support to include all domestically produced items, using a supplementary budget to ease the burden of rising prices. This measure will be implemented for two weeks starting from the 22nd. The support amount will be increased from 10,000 won to 20,000 won per person. The government will also conduct price monitoring and on-site inspections to prevent excessive increases in oil prices.
Kim Beomseok, Acting Minister of Economy and Finance, is delivering opening remarks while presiding over the 45th Price-Related Vice Ministers' Meeting held on the 16th at the Government Seoul Office in Jongno-gu, Seoul. Provided by the Ministry of Economy and Finance
Kim Beomseok, Acting Minister of Economy and Finance (First Vice Minister), presided over the 'Price-Related Vice Ministers' Meeting' at the Government Seoul Office in Jongno-gu, Seoul, on the 16th, where he discussed topics such as 'Inspection Results and Action Plans for Egg Producer Prices and Distribution Structure' and 'Price Trends and Response Plans for Petroleum, Agricultural, Livestock, and Fisheries Products.' The meeting was attended by the Ministry of Agriculture, Food and Rural Affairs, the Ministry of Oceans and Fisheries, the Ministry of Trade, Industry and Energy, the Ministry of the Interior and Safety, the Ministry of Land, Infrastructure and Transport, and the Fair Trade Commission.
Vice Minister Kim stated, "The shipment of spring vegetables such as cabbage, radish, and potatoes has recently begun in earnest," and emphasized, "Since the prices of certain items such as radish, onion, garlic, pork, and eggs remain high, we will ensure thorough price and supply management for each item."
To alleviate the burden of grocery prices, the government will use the supplementary budget to expand the list of discounted agricultural products to all domestically produced agricultural products (with each distributor selecting items autonomously) for two weeks starting from the 22nd. The support amount will be increased from 10,000 won to 20,000 won per person. In the case of peeled garlic, whose price has risen due to reduced inventory, the government will release an additional 450 tons from its reserves starting on the 19th.
For livestock products such as pork, discount events using self-help funds will be held until the 31st. The government also plans to promote price discounts on processed foods such as ham and sausage, in cooperation with importers of pork raw materials (10,000 tons) subject to quota tariffs.
For fisheries products, the government will expand the supply of reserve stocks of hairtail and squid, which are in high demand recently, to respond promptly to the decrease in supply during the fishing off-season (May to June). The supply of hairtail will be increased from 400 tons to 500 tons, and squid from 600 tons to 700 tons.
Meanwhile, according to a recent inspection by the Korea Institute for Animal Products Quality Evaluation, which visited egg farms to check production volume, inventory, producer prices, and actual transaction prices, it was found that the producer price in March rose excessively beyond changes in supply and demand conditions. The government will conduct further inspections of the factors behind the producer price increase, and if unfair practices such as collusion are identified, it plans to impose strict penalties in accordance with relevant laws.
Vice Minister Kim stated, "Since the partial restoration of the fuel tax on the 1st, gasoline and diesel prices have remained stable," but also requested that the relevant ministries continue price monitoring and on-site inspections of the petroleum market to prevent excessive increases in oil prices beyond the restored amount.
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