Releasing Reserves and Increasing Imports... Government's Full Effort to Control Prices Ahead of Chuseok

[Sejong=Asia Economy Reporter Son Sunhee] The government has decided to mobilize all available measures to stabilize the prices of agricultural, livestock, and fishery products, which have recently been soaring ahead of the Chuseok holiday. It will expand the supply scale of Chuseok seasonal products by releasing existing stockpiles early and increase import volumes of major items such as eggs.

Last month, the prices of agricultural, livestock, and fishery products rose by 9.6% compared to the same month last year. This is analyzed to be due to the impact of avian influenza (AI) and increased consumption of livestock products during the vacation season. In addition, prices of leafy vegetables such as spinach remain high due to poor crop yields caused by the heatwave.

However, it is positive that the prices of agricultural, livestock, and fishery products have been declining for five consecutive months compared to the previous month, and that the supply volume is gradually increasing as major agricultural products enter the harvest season.

The price of eggs (based on 30 eggs) stabilized last week by entering the 6,000 won range for the first time in seven months. The government plans to import 200 million eggs by next month and increase the direct supply ratio to consumers through large supermarkets and other outlets to over 50%. Related distribution and sales site inspections will also be intensively conducted.

Lee Eokwon, First Vice Minister of the Ministry of Economy and Finance, stated, "This year, the damage from the rainy season appears to be less than last year, but the possibility of typhoon damage still remains," adding, "We will thoroughly carry out inspections of vulnerable facilities and preemptive disaster prevention measures."

He continued, "Chuseok is the time of year when consumers feel the highest impact of consumer prices. Even if the annual inflation rate is not high, if prices are high during Chuseok, the perceived price level by the public will inevitably be high," and said, "Until Chuseok, we will closely monitor the price situation weekly through the Vice Ministers' Meeting on Prices and immediately devise supplementary measures if necessary to ensure that the prices of major agricultural, livestock, and fishery products, including seasonal products, are maintained at levels lower than last year, making every effort possible."

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