Vice Minister Ki Jae: "Eggs at 6,000 Won per Dozen... Achieving Supply Targets for 16 Major Essential Goods"

Presiding over the 27th Price-Related Vice Ministers' Meeting on the 17th
"Beef and Rice Prices Remain Stable After Chuseok"

Lee Eok-won, First Vice Minister of the Ministry of Economy and Finance, presides over and speaks at the "32nd Innovation Growth Strategy Review Meeting, COVID-19 Policy Review Meeting, Korean New Deal Review Task Force, and 27th Vice Ministers' Meeting on Prices" at the Government Seoul Office Building on the morning of the 17th. (Photo by the Ministry of Economy and Finance)

[Sejong=Asia Economy Reporter Moon Chaeseok] Lee Eokwon, the 1st Vice Minister of the Ministry of Economy and Finance, announced on the 17th, ahead of Chuseok, that "the price of eggs has dropped to 6,503 won per carton, and the prices of 13 out of 16 major Chuseok seasonal products have decreased compared to last year."

On the morning of the same day, Vice Minister Lee presided over the '32nd Innovation Growth Strategy Review Meeting and the 27th Price-Related Vice Ministers' Meeting' at the Government Seoul Office and made this statement. He explained that the prices of major items have stabilized over the three weeks since the government increased the supply of 16 major Chuseok seasonal products such as apples and cabbage and adjusted the price management system on the 30th of last month.

According to the Ministry of Economy and Finance, as of the 16th, the supply volume of the 16 major seasonal products was 199,000 tons. This achieved a fulfillment rate of 116.7% compared to the initial supply plan of 171,000 tons. Vice Minister Lee stated, "It is expected that the supply on the 17th, the last day of the seasonal product supply, will be carried out without any issues, and all seasonal products are anticipated to achieve more than 100% of the supply target."

He also explained that prices are gradually decreasing. According to Vice Minister Lee, among the 17 items including rice in the 16 major seasonal products, the prices of 14 items have fallen compared to the 30th of last month. He said, "In particular, the price of eggs (30 special eggs) has decreased from the 7,000 won range in late July to 6,503 won as of the 16th, reflecting a 3.6% drop from 6,747 won on the 30th of last month, as production gradually recovers."

He forecasted that prices would decline further after Chuseok. For beef, the government waived the Hanwoo cow slaughter fee of about 150,000 won, which farmers had to bear, until before Chuseok, supplying an additional 7,000 heads compared to the target supply volume before Chuseok. As a result, the price of 1kg of Hanwoo sirloin (for bulgogi) on the 16th was 46,870 won, down 9.5% from 51,770 won on the 30th of last month. The price of rice also fell to 55,195 won per 20kg, lower than 61,623 won on the 30th of last month.

However, the price of cabbage rose slightly to 5,549 won per head due to the autumn rainy season and other factors. Vice Minister Lee emphasized, "The government will not be complacent with the efforts to stabilize prices before Chuseok and will closely monitor the price trends of major agricultural, livestock, and fishery products after Chuseok to carefully manage them so as not to burden the livelihood of the people."

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