Choo Kyung-ho: "Shrinkflation Measures to Be Presented in December"

"Hoengjaese, Not Desirable"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho commented on shrinkflation, the practice of raising prices by reducing product volume while maintaining the price, saying, "This behavior does not gain trust from consumers," and added, "The government is discussing regulatory measures on shrinkflation with industry and consumer groups and plans to present a plan in December."

Deputy Prime Minister Choo appeared on Yonhap News TV that day and said, "Shrinkflation, which maintains the price while reducing the quantity, is a deceptive sales practice."

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is delivering opening remarks at the Emergency Economic Ministers' Meeting and Export Investment Measures Meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 27th. Photo by Jo Yong-jun jun21@

He stated, "The Fair Trade Commission is leading an investigation into what form of regulation should be implemented," and added, "We are considering institutional measures that impose the responsibility on companies to honestly and faithfully inform consumers."

Regarding the 'windfall tax' recently proposed by the opposition party targeting banks and others, Choo said, "The public's view is very critical of banks holding bonus parties with excessive interest income while people's livelihoods and the economy are struggling," but he also said, "Special taxes imposed on specific profits of particular companies are not desirable."

He continued, "Voluntary measures to reduce consumers' financial burdens from the perspective of win-win finance will be necessary," he emphasized.

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