At a Large Mart, Choo Kyung-ho Says "Reviewing Consumer Right to Know Regarding Selling Reduced Contents"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said on the 14th that the so-called 'shrinkflation,' where food companies keep prices the same or raise them while reducing product volume, is "not an honest sales practice."

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho visited the Emart Yongsan store in Yongsan-gu, Seoul on the 14th to inspect the store. Photo by Kang Jin-hyung aymsdream@

On the same day, Deputy Prime Minister Choo visited the Emart Yongsan branch in Yongsan-gu, Seoul, to check the prices of vegetables and other items. He told reporters, "We are actively considering measures to guarantee consumers' right to know about changes in product contents," expressing his stance.

Regarding shrinkflation, he emphasized, "There are cases where some contents are reduced, but the public's distrust of products is growing, and that is not a sustainable business practice."

He added, "Even if it is the seller's discretion to keep the price the same while reducing the quantity, it is necessary to inform consumers accurately," and "related agencies such as the Fair Trade Commission are reviewing measures to ensure consumers can be informed when product contents change."

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho visited the Emart Yongsan branch in Seoul on the afternoon of the 14th to review the price trends of kimchi-making ingredients, food, and other major groceries following the "Price Stabilization Measures for Kimchi Ingredients and Major Food Items," while listening to explanations from officials.

Regarding the recent situation where food raw material prices have fallen but product prices are rising, he said, "If companies unjustly raise prices without cost increase factors, consumer groups and others should strengthen monitoring activities, and the media should actively report and expose such cases," urging, "I ask for restraint on opportunistic price hikes."

On the increase in soju and beer prices, he explained, "For domestic alcoholic beverages, we are actively considering introducing a standard sales ratio system to lower the tax base, which can contribute to stabilizing alcohol prices."

The government plans to further pursue tariff reductions next year on major food raw materials such as corn for processing, soybeans, raw sugar/sugar, food-grade potatoes/modified starch, and sunflower seed oil.

Deputy Prime Minister Choo also checked the prices of cabbage, lettuce, apples, milk?which has risen due to increases in raw milk prices?and frozen foods, which have sparked controversy over 'tricky price hikes.' The government stated that prices of major agricultural products are stabilizing, with cabbage prices falling to 2,771 won per head as of the previous day due to improved weather conditions and expanded shipping areas.

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