Vice Minister Gi Jae: "Expand Cabbage and Radish Supply During Kimjang Season... Food Industry Must Minimize Price Increases"

Bang Gi-seon, First Vice Minister of Strategy and Finance, is presiding over the Emergency Economic Vice Ministers' Meeting held at the Government Seoul Office in Jongno-gu, Seoul, on the 23rd. Photo by Kim Hyun-min kimhyun81@

With the peak kimchi-making season approaching, the government has decided to significantly increase supply volumes and establish measures to stabilize supply and demand by next month, as prices of key agricultural products such as napa cabbage and radish have been fluctuating. The government also reiterated its request to major food companies to refrain from raising prices of processed foods like ramen.

On the morning of the 23rd, Bang Gi-seon, First Vice Minister of the Ministry of Economy and Finance, held the 9th Emergency Economic Vice Ministers' Meeting at the Government Seoul Office to discuss recent trends in agricultural and processed food prices and response strategies.

Vice Minister Bang explained, "Vegetables such as lettuce and zucchini, whose prices surged due to frequent heavy rains and typhoons, have generally stabilized as weather conditions improved after Chuseok. Some items currently priced high, like napa cabbage and radish, are expected to gradually stabilize as mid- to high-altitude produce shipments begin at the end of this month."

However, due to poor crop yields caused by this summer's heatwaves and typhoons, as well as rising raw material costs such as pesticides, fertilizers, and fuel, agricultural product prices remain unstable. Therefore, the government plans to actively expand supply. Vice Minister Bang emphasized, "The government will maximize supply volumes, including 3,000 tons of napa cabbage and 1,200 tons of radish by early October, and will prepare measures to stabilize the supply and demand of kimchi-making vegetables next month to proactively respond to demand during the winter kimchi-making season."

Regarding recent price increases in ramen and snacks by the food industry, the government, led by the Ministry of Agriculture, Food and Rural Affairs, is monitoring related trends and plans to strengthen communication with the industry for price stabilization through meetings with major food companies next week.

Vice Minister Bang stated, "Considering the recent stabilization of grain prices, we ask the industry to demonstrate wisdom in coexistence by minimizing price increases. The government will continue to mobilize all available policy measures to ensure food prices stabilize as soon as possible."

Meanwhile, the government also discussed recent employment trends and annual forecasts at the meeting. Amid the complex economic crisis of 'high inflation, high exchange rates, and high interest rates,' employment growth has so far served as a pillar for the economy. However, with concerns about a consumption downturn raising the possibility of employment slowdown, the government is interpreted to be preparing countermeasures.

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