Government: "Chuseok seasonal product prices 6.8% lower than last year... Additional budget allocation if support funds are insufficient"

Ministry of Agriculture and Food, Ministry of Oceans and Fisheries, Chuseok Seasonal Product Price Trends

The government has decided to allocate additional budget if the scale of discount support for stabilizing the supply and demand of Chuseok seasonal products exceeds the initial plan, ensuring that discount support will not be interrupted before the holiday.

On the 25th, the Ministry of Agriculture, Food and Rural Affairs and the Ministry of Oceans and Fisheries announced in a briefing on the 'Chuseok Seasonal Product Price Trends' that as of the 22nd, the consumer prices of 20 Chuseok seasonal products (average prices from September 17 to 22) were 6.3% lower than last year (average prices for the three weeks before Chuseok).

The Ministry of Agriculture, Food and Rural Affairs is expanding the supply volume of 14 agricultural and livestock products under its jurisdiction to about 1.6 times the usual level starting three weeks before Chuseok (from the 7th).

According to the Ministry, as of the 22nd, 119.6% (145,000 tons) of the planned supply has been provided. The consumer prices of the 14 seasonal products are 6.8% lower than last year.

An official from the Ministry explained, "The average consumer price fluctuation rate for Chuseok seasonal products is calculated by multiplying the year-on-year fluctuation rate for each item by the consumer price index weight. As a result, the price of beef, which has a high weight (8.8), decreased by about 10% compared to last year, significantly influencing the overall reduction in seasonal product prices."

By item, consumer prices of cabbage, radish, onions, garlic, and potatoes, whose production increased compared to last year, are about 20-35% lower than last year. Except for chicken, which has a higher price due to decreased production, prices of beef, pork, eggs, and other livestock products are generally lower than last year due to efforts to expand supply during the peak season.

For apples and pears, whose production decreased this year due to spring cold damage, wholesale prices are higher than last year. However, consumer prices remain similar to or lower than last year due to government discount support and retailers' own discounts.

The Ministry of Agriculture, Food and Rural Affairs is conducting discount events for 14 Chuseok seasonal agricultural and livestock products with a budget of 41 billion KRW from August 31 to September 28. The government supports discounts of 20-30%, and retailers participate with additional discounts, allowing consumers to purchase agricultural and livestock products at prices discounted up to 40-50%. The Ministry plans to allocate additional budget if the discount support exceeds the initially planned 41 billion KRW to ensure that discount support continues until before Chuseok.

According to the Ministry of Oceans and Fisheries, as of the 22nd, the supply of six seasonal products from government stockpiles was 4,859 tons. An official from the Ministry said, "This is 17.2% more than the demand requested by marts and traditional markets," and added, "The average price during the Chuseok seasonal product supply period (September 7-22) was 3.7% lower than the average price three weeks before last year's Chuseok."

By item, prices of hairtail and dried anchovies, which have smooth production, are 20-30% lower than last year's Chuseok. However, pollock prices have been continuously falling since May due to steady supply from distant waters, but they remain higher than last year. Prices of mackerel are 5-7% higher than last year due to continued poor production of medium and large fish since last year, and prices of yellow croaker are also higher due to recent poor fishing conditions and decreased production.

According to the Ministry of Oceans and Fisheries, actual sales prices from September 7 to 21 at three major marts participating in government stockpile and self-stockpile discount sales and government discount events showed that five items?mackerel, Korean croaker, hairtail, squid, and dried anchovies?were sold at prices 10-30% lower than the average prices three weeks before last year's Chuseok, excluding pollock. Wholesale prices at Garak, Guri, and Noryangjin markets show that pollock and mackerel, which had large government stockpile supplies, decreased compared to last year's Chuseok three-week average prices. However, wholesale prices of Korean croaker, which had generally poor supply, increased, and the Ministry believes that the rise in wholesale prices affected consumer prices as well.

The Ministry of Oceans and Fisheries is conducting discount events for six seasonal products with a budget of 26 billion KRW from August 31 to September 28 to stabilize consumer-perceived prices during the Chuseok peak season. Including the 30% government-supported discount and retailers' own discounts, consumers can purchase seafood at prices discounted up to 60%. In particular, the Ministry plans to expand the discount rate to over 60% for pollock, mackerel, and Korean croaker?three items with prices higher than last year's Chuseok?in cooperation with major marts until the Chuseok holiday.

A government official stated, "We will do our best to ensure that the supply of seasonal products proceeds smoothly according to plan until the few remaining days before Chuseok, closely monitor the situation on the ground, and prevent any interruption in government discount support to alleviate the burden on citizens' shopping baskets during the Chuseok holiday."

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