Vice Minister of Economy Urges Retailers to Stabilize Prices Through Discount Sales

Lee Eokwon, Deputy Minister of Economy and Finance, and Park Youngbeom, Deputy Minister of Agriculture, Food and Rural Affairs, Check Consumer Reactions and Sales Status
Green Onion Prices Fall 40% Compared to March

[Asia Economy Reporter Jang Sehee] Lee Okwon, the 1st Vice Minister of the Ministry of Economy and Finance, stated on the 4th, "It is necessary for distribution companies to put more effort into stabilizing prices through discount sales and other measures."

On the same day, Vice Minister Lee visited the Nonghyup Hanaro Mart in Yangjae-dong, Seoul, and expressed his gratitude, saying, "I appreciate Hanaro Mart's proactive efforts to stabilize egg prices." The on-site inspection was attended by Park Youngbeom, Vice Minister of the Ministry of Agriculture, Food and Rural Affairs, as well as representatives from Nonghyup Economic Holdings, Nonghyup Distribution, and other related organizations.

Vice Minister Kim checked the price trends and supply and demand situation focusing on items closely related to the daily lives of ordinary people, such as eggs, and listened to explanations about consumer reactions and sales conditions.

The on-site inspection results showed that prices of major agricultural and livestock products such as green onions, onions, and eggs, which had been rising due to adverse weather and avian influenza (AI), fell to about 40% compared to March. The price of green onions, which averaged 7,399 won in March, dropped nearly 40% to 4,375 won on that day.

Vice Minister Yang also held a meeting with Nonghyup, Korea Agro-Fisheries & Food Trade Corporation, Korea National Oil Corporation, and others. They discussed recent price trends including the consumer price index in April and future response directions. They also checked the price trends of petroleum products such as international oil prices, which have been showing an upward trend recently.

The government stated its position to take preemptive measures to prevent the temporary price increase in the second quarter from spreading into excessive inflation expectations. To stabilize agricultural and livestock product prices, additional egg imports will be promoted in May, and early shipment of vegetables such as onions, green onions, and cabbage will be encouraged.

This content was produced with the assistance of AI translation services.