With "Emergency on Table Food Prices... Continuous Monitoring of Tariff Quotas and Reserve Releases"

Request to Ministry of Economy and Finance for Effectiveness Analysis of Measures
Start of Plan for Price Stability during Chuseok Next Month
Proposal Includes School Meal Unit Price Increase and Income Tax Law Revision

[Image source=Yonhap News]

[Asia Economy Reporter Kwon Hyun-ji] The People Power Party's Special Committee on Price and Livelihood Stabilization (Special Committee) reviewed related measures such as expanding the tariff quota and releasing stockpiled supplies to stabilize table prices and discussed additional countermeasures.

Ryu Seong-geol, chairman of the Special Committee and a member of the People Power Party, said in a press briefing after the 7th meeting held at the National Assembly on the day, “There were measures such as expanding the tariff quota and stockpiling and releasing related reserves, but there were opinions that the effectiveness evaluation was insufficient. We requested the Ministry of Strategy and Finance to analyze how effective these measures are and report at the next meeting.” The intention is to raise consumers’ perceived impact through continuous monitoring.

The Special Committee had requested the Ministry of Agriculture, Food and Rural Affairs on the 24th of last month to check the price trends of 14 major items and secure and release stockpiled supplies as a measure to stabilize table prices.

The Special Committee also plans to present price stabilization measures in preparation for the Chuseok holiday. Representative Ryu said, “With Chuseok approaching on the 10th of next month, we have instructed the Ministry of Strategy and Finance, the Ministry of Agriculture, Food and Rural Affairs, and the Ministry of Oceans and Fisheries to establish a plan for price stabilization measures and report at the next meeting.”

Measures to stabilize table prices such as raising school meal unit costs and revising the Income Tax Act were also proposed. Representative Jo Eun-hee, a member of the Special Committee, said in her opening remarks, “The current meal budget cannot keep up with the rising prices of food ingredients. The quality will deteriorate or the quantity will decrease,” adding, “I suggest that raising the school meal unit cost is necessary.” Additionally, Representative Lee In-seon said, “Interest rates have risen and a big step has been taken, but there are talks that it needs to be raised by 3% by the end of the year,” and “If this happens, income will decrease, so income tax reform is necessary.” However, Representative Ryu stated that these measures will be reconsidered later.

Consumers also attended the meeting and pointed out that the perceived impact is low despite the policies being implemented. Representative Ryu explained, “They said that table prices have risen too much, and that there are many intermediate distribution margins, so prices have increased much more than at the site,” adding, “The Ministry of Agriculture, Food and Rural Affairs and the Ministry of Oceans and Fisheries will review this together.”

The Special Committee will hold its 8th meeting on the 21st to discuss household debt measures.

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