Hong Nam-ki: "Prices of 16 Major Chuseok Seasonal Items Including Apples and Rice Stabilize After Supply Increase"

On the 14th, On-site Visits to Asan Onyang Oncheon Market and Namja Dangi Youth Shelter

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki is seen visiting Onyang Oncheon Market in Asan City, Chungcheongnam-do on the 14th, engaging in conversation with merchants. He checked the trends of 16 major seasonal products and rice prices ahead of Chuseok. (Photo by Ministry of Economy and Finance)

[Sejong=Asia Economy Reporter Moon Chaeseok] Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki announced on the 14th that "since expanding the supply of 16 major Chuseok seasonal products including apples on the 30th of last month, the prices of 14 items among seasonal products and rice have fallen." This indicates that the government’s supply efforts are stabilizing prices by item.

The Ministry of Economy and Finance reported that Deputy Prime Minister Hong visited Onyang Oncheon Market in Asan City, Chungcheongnam-do on the same day to check the price and supply-demand trends of seasonal products, personally purchased goods, and encouraged merchants. Afterwards, he visited the Asan Youth Shelter, delivered the purchased items, and listened to the difficulties faced by shelter workers and youths.

Deputy Prime Minister Hong emphasized that the government began supplying major Chuseok seasonal products one week earlier than last year, starting three weeks before Chuseok (on the 30th of last month). He also stated that the supply volume has been expanded by 1.4 times compared to normal times. As a result, by the 13th, 155,000 tons of 16 major seasonal products were supplied, exceeding the original plan of 140,000 tons. The achievement rate has already reached 111.2%.

As a result, Deputy Prime Minister Hong stated that prices of 14 items have fallen compared to the 30th of last month. According to the Korea Agro-Fisheries & Food Trade Corporation (aT) and the Korea Maritime Institute (KMI), prices of early apples (-25.7%), chestnuts (-18.7%), hairtail fish (-14.2%), pork (-12.4%), and radish (-8.7%) have noticeably dropped. Compared to the 2nd, when the Statistics Korea began daily price index surveys, prices have also fallen by 1.3%.

Deputy Prime Minister Hong said, "Above all, we will focus all efforts on normalizing egg prices and stabilizing rice prices," and emphasized, "We will also closely manage the supply-demand situation of major seasonal products such as releasing contracted fruit cultivation volumes and expanding slaughter volumes."

Deputy Prime Minister Hong also promoted support measures for small business owners, such as expanding special discounts on Onnuri gift certificates and providing Hope Recovery Funds for small business owners, which were prepared through the 'Chuseok Livelihood Stabilization Measures' at the end of last month. He mentioned, "To revitalize traditional markets, the 2024 budget includes 3.4 billion won for newly selecting 34 digital specialized markets."

Furthermore, he announced plans to strengthen support for the independence of shelter youths by expanding assistance in housing, education, and employment. The number of youths receiving monthly allowances of 300,000 won for up to three years after leaving the shelter will be doubled from 70 this year to 140 next year. They plan to recruit candidates for the 'Youth Challenge Support Project' among young people who have given up job searching. Tailored programs will be provided to them, and only those who complete the program will be eligible for the 'National Employment Support System,' which offers up to 3 million won per person as a job-seeking promotion allowance. Among them, youths aged 18 to 34 who succeed in finding employment will also receive employment promotion incentives.

Deputy Prime Minister Hong said, "After visiting the youth shelter in person, I believe there are still many areas lacking despite the government's support efforts," and added, "We will carefully identify and improve the difficulties faced by shelter youths so they can dream big and prepare for the future, and the government will faithfully serve as a stepping stone for youths’ independence."

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