MAFRA: Lunar New Year Essentials Supply Stable... Ancestral Table Cost Down 0.3%

Meeting to Review Progress on Lunar New Year Livelihood Stabilization Measures and Supply-Demand Trends
Ten Key Lunar New Year Essentials Supplied at 111.5% of Planned Volume
Ancestral Ritual Table Cost at "202,691 Won"

The government has assessed that prices of Lunar New Year holiday essentials are showing a "relatively stable trend" at around last year's level. It expects that perceived prices for these items will fall further once the Onnuri gift certificate refund event at traditional markets begins.

The Ministry of Agriculture, Food and Rural Affairs announced that on the 9th, it held a meeting at the Government Complex Sejong, chaired by Vice Minister Kim Jonggu, to review the implementation status of Lunar New Year livelihood stabilization measures and supply-demand trends.

Lunar New Year gift sets are displayed at Nonghyup Hanaro Mart Yangjae branch in Seocho-gu, Seoul. Photo by Kang Jinhyung

An official from the Ministry of Agriculture, Food and Rural Affairs said, "According to the supply-demand review, overall prices of Lunar New Year essentials are showing a relatively stable trend at around last year's level, and the cost of a four-person ancestral ritual table for Lunar New Year has fallen by 0.3% from a year earlier to 202,691 won." The official added, "However, large apples for gift sets, as well as rice and Hanwoo beef, whose prices were low last year, are showing somewhat higher price levels."

The government is supplying the 10 key Lunar New Year essentials at 111.5% of its original plan. To substitute demand for expensive large apples, it has been expanding the supply of gift sets composed of grapes, pears, and citrus varieties from 100,000 sets last year to 200,000 sets this year, starting on the 2nd. Eggs are being imported from the United States and distributed through Homeplus and foodservice distributors. In response to the recent increase in culling of laying hens, the government is also reviewing additional import measures.

Discount programs aimed at easing the burden on consumers are also proceeding without issue. For holiday essentials and items with rising prices, the government is supporting discounts of up to 40% at 4,476 retail locations, including major distributors. As these discount supports have been in full swing since the weekend two weeks before Lunar New Year, the ministry expects consumers will feel a significant benefit.

In particular, Hanwoo beef, whose prices have risen due to a decrease in the number of cattle being raised compared with last year, is being offered at concentrated discounts at large discount stores and other outlets from February 5 to 15, using funds from the Hanwoo checkoff program. For rice, following the measures announced on January 23, the government plans to closely monitor market trends such as prices and private inventories, and, depending on supply-demand conditions, promptly implement government rice stock releases as needed to stabilize the market.

Fifteen food companies are also conducting their own discount programs on 4,957 items that see increased demand during the Lunar New Year. Starting on the 10th of this month, the Onnuri gift certificate refund event at traditional markets will begin, and it is expected that this will further lower the perceived prices of Lunar New Year essentials.

Vice Minister Kim Jonggu said, "While the current supply-demand situation is generally stable, there is potential for volatility depending on changes in weather conditions such as cold waves and on the status of livestock infectious diseases, so do not let your guard down and ensure there are no gaps in growth management and quarantine measures." He added, "In particular, together with the Korea Agro-Fisheries & Food Trade Corporation and the Agricultural Outlook Center, we will closely review inventory trends and distribution flows by major item at distributors, and we will share the findings with the public to support rational consumption."