Government Targets Food Prices... Prime Minister Nominee Minseok Kim to Personally Lead Meeting

Prime Minister nominee Minseok Kim is meeting with the food and restaurant industries to develop measures for price stabilization. This comes as the government begins to respond in earnest to President Lee Jaemyung's remarks about the "2,000 won price of ramen."

Prime Minister nominee Minseok Kim is arriving at the hearing preparation office set up at the Financial Supervisory Service Training Institute in Tonguidong, Jongno-gu, Seoul on June 9, 2025. Photo by Yongjun Cho

According to the food industry on June 12, Kim is scheduled to hold a closed-door meeting in Seoul on June 13 with the Korea Food Industry Association, the Korea Foodservice Industry Association, consumer groups, and the Ministry of Agriculture, Food and Rural Affairs. Individual food companies will not attend.

The meeting was decided after President Lee Jaemyung raised concerns about everyday consumer prices at an emergency economic review meeting on June 9, asking, "Does a single pack of ramen really cost 2,000 won?" It is unusual for a prime minister nominee to lead a price stabilization meeting before taking office, which underscores that price stability has become a core policy priority for the new administration.

On June 10, Kim told reporters, "The President raising the issue of ramen prices during his market visit was not just a spontaneous reaction but reflected deep concern about prices," and added, "Price issues that people face every day, such as the cost of lunch for office workers, are not trivial." He continued, "Although I am still a nominee, I requested the Prime Minister's Office to hold this meeting," and emphasized, "I will do everything I can."

In fact, prices for processed foods and dining out are on the rise. According to Statistics Korea, the consumer price index in May increased by 1.9% compared to the previous year, but processed foods rose by 4.1% and dining out by 3.2%. These two categories contributed a total of 0.81 percentage points to overall inflation. Since the beginning of this year, more than 60 food and restaurant companies have raised prices on processed foods such as ramen, kimchi, and beverages.