Lee Eokwon, Deputy Minister of Economy and Finance, "High Price Uncertainty in September... Stable Prices of Seasonal Goods Before Chuseok"

[Sejong=Asia Economy Reporter Kim Hyunjung] On the 2nd, Lee Okwon, the 1st Vice Minister of the Ministry of Economy and Finance, said, "There is high uncertainty in consumer prices for September," but predicted that prices of major seasonal products would stabilize before Chuseok through concentrated supply and expanded imports.

Vice Minister Lee held the 25th Vice Ministerial Meeting on Prices on the morning of the 2nd at the Seoul Agricultural and Marine Products Corporation conference room located in the Garak-dong Agricultural and Marine Products Wholesale Market in Seoul, and made these remarks. He explained, "According to on-site inspections, prices of major seasonal products such as apples, pears, eggs, beef, and pork are still high, but due to concentrated supply and expanded imports before Chuseok, prices are expected to stabilize or even decline in September before Chuseok."

He continued, "Prices of some vegetables such as lettuce and spinach surged due to heatwaves and autumn monsoon rains, but since their growing period is short, prices are expected to stabilize from early September." He also urged related agencies and the Seoul Agricultural and Marine Products Corporation to closely monitor the situation and share information with relevant ministries, emphasizing immediate response in case of any situation, as there remains a risk of abnormal weather before Chuseok.

Regarding the supply plan for seasonal products, he said, "We plan to supply 38,000 tons, which is 29.5% of the total supply, three weeks before Chuseok; 49,000 tons, 37.7%, two weeks before Chuseok; and 42,000 tons, 32.8%, one week before Chuseok, concentrating supply during the two weeks before Chuseok when demand is highest." He emphasized, "In particular, for eggs, we will complete restocking of farms that culled hens before Chuseok, supply 100 million imported eggs in September, and continue on-site inspections at all stages from production to distribution and sales through a joint inspection team of related agencies to help egg prices decline further."

[Image source=Yonhap News]

Beef and pork supply volumes will be significantly increased through expanded imports and other measures. Vice Minister Lee said, "Through adjusting shipment timing, beef supply will be 1.6 times the usual level, pork 1.25 times, and import volumes will be expanded by 10% for beef and 5% for pork compared to average years." He added, "For rice, the government grain additionally supplied in August will be thoroughly managed post-receipt to ensure rapid milling and sales, and discount events for Chuseok will be promoted with large supermarkets and others." Regarding seafood, he stated, "Starting three weeks before Chuseok, we will release 9,227 tons of government stockpiles, which is 1.2 times the usual level, at prices discounted 10-30% compared to market prices."

He also said, "If price instability occurs due to high water temperatures or typhoon damage and the effect of releasing government stockpiles is minimal, we will also release private purchase volumes through private purchase loan support." To further ease the burden of holiday food prices, he announced, "The support scale for agricultural, livestock, and marine product discount coupons (20-30%) during the Chuseok holiday period until the 22nd will be increased from 10,000 won to 20,000 won per person, and these coupons will be usable at about 20,000 distribution outlets nationwide, including large supermarkets, small and medium-sized marts, and traditional markets, so that consumers can feel the discount benefits."

Vice Minister Lee emphasized, "As supply-side upward pressures such as agricultural, livestock, marine products, and petroleum prices prolong, inflationary pressure is further expanding. We will spare no effort to ensure that the measures I mentioned earlier are implemented without any negligence so that prices of agricultural, livestock, and marine products, which have a high impact on ordinary citizens, stabilize quickly." He added, "The government will actively respond by mobilizing all available measures, including stable management of public utility charges and strengthening communication with industries, to prevent an increase in the inflation burden."

Earlier, Statistics Korea announced that consumer prices in August rose 2.6% compared to the same period last year, following the previous month, marking the highest level of the year for two consecutive months.

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