Government Mobilizes All Efforts to Ease Food Price Burden... Releases 17,000 Tons of Napa Cabbage

Chuseok Livelihood Stabilization Measures
to Be Announced Within This Month

In an effort to stabilize food prices, the government will release 17,000 tons of available cabbage stock and proceed with the purchase and storage of 1,000 tons of autumn potatoes. The government plans to announce measures for stabilizing prices of key holiday goods and other Chuseok-related cost-of-living policies within this month.

On September 2, First Vice Minister of Economy and Finance Lee Hyungil presided over the Vice Ministers’ Meeting on Price Affairs, stating, “Due to recent adverse weather conditions, prices of agricultural, livestock, and fishery products have been rising, continuing to burden food costs.” He added, “With Chuseok just one month away, please proactively check the supply and demand of major holiday goods and make every effort to stabilize prices by fully mobilizing stockpiles and discount support.” The government plans to include the measures discussed at the meeting in its Chuseok cost-of-living stabilization plan to be announced later this month.

Vice Minister Lee also urged that there be no issues with the cultivation of highland crops such as cabbage and potatoes, even amid water shortages caused by drought in Gangneung and other areas of Gangwon Province. The government will supply 17,000 tons of remaining government-available cabbage and strengthen pest control and crop management. For potatoes, the daily shipment of contract-grown produce will be increased from 50 tons to 60 tons, and 1,000 tons will be imported. Additionally, the government will proceed with the purchase and storage of 1,000 tons of autumn potatoes.

For beef, in cooperation with the Hanwoo Self-Help Fund, Hanwoo Association, and Nonghyup, the government is holding the “Beef Prize Discount Event” (August 25-September 5), offering Hanwoo beef at 30-50% off. For pork, the Korea Pork Producers Association is supporting discount events at major retailers until September 16. For eggs, discount events will also be held in cooperation with production and distribution organizations. For seafood such as mackerel, the government will ensure price stability by implementing quota tariffs (July-December, 10,000 tons), releasing stockpiled seafood, and holding discount events as planned. For processed foods, the government will continue to work with the industry to hold discount events on items with increased demand during the September Chuseok holiday.