Han Hoon, Vice Minister, "Egg prices temporarily rose but supply will increase... Variable is Highly Pathogenic AI"

Han Hoon, Vice Minister of the Ministry of Agriculture, Food and Rural Affairs, stated on the 5th, "In the case of livestock product prices, the supply and demand of beef, pork, and chicken are relatively stable, and although egg prices temporarily rose due to increased demand, supply is expected to gradually increase. However, the outbreak of highly pathogenic AI remains a variable."

On the same day, Vice Minister Han made these remarks while presiding over the "November Agricultural and Food Supply and Demand Situation Expanded Inspection Meeting" at the Government Complex Sejong.

According to the November Consumer Price Trends announced by Statistics Korea, consumer prices for agricultural and livestock products rose 7.4% year-on-year, showing a slowdown in the upward trend for the first time in four months. The price increase rates for processed foods and dining out were 5.1% and 4.8% year-on-year, respectively, maintaining last month's levels.

Vice Minister Han explained, "Prices of agricultural and livestock products had expanded since August due to weather disasters, but supply conditions have improved since late October, showing an overall downward trend. However, prices of apples, which have decreased in production, remain high, leading to strong prices for substitute items such as tomatoes and tangerines. Additionally, some facility-grown vegetables have temporarily shown strong prices due to recent temperature drops and insufficient sunlight."

The Ministry of Agriculture, Food and Rural Affairs views that processed food and dining out prices have upward pressure due to domestic and international uncertainties. It is monitoring supply and demand trends daily, focusing on 28 items with high price sensitivity, and is taking preemptive measures against potential risks.

Accordingly, the ministry has decided to purchase and stockpile 5,000 tons of napa cabbage and 3,000 tons of radish within this month to prepare for supply shortages in the first quarter of 2024 caused by cold waves. For green onions, 2,000 tons of allocated tariff quota will be imported smoothly by the end of the year, and support for delivery prices to large supermarkets will continue.

For facility-grown fruits and vegetables such as tomatoes and strawberries, irregular-shaped produce sales, special sales, and discount events will continue, and winter facility management will be strengthened.

Regarding eggs, the distribution structure will be reviewed to ensure that the decline in farm gate prices is quickly reflected in consumer prices. The ministry will closely consult with the distribution industry and make thorough efforts to prevent highly pathogenic AI.

Vice Minister Han said, "We will secure additional budget for discounts on agricultural and livestock products to ease the burden of consumer grocery prices at the end of the year. For processed foods, we will continue to communicate with companies on-site, focusing on nine key management items, to identify difficulties and seek support and cooperation measures to stabilize prices."

Han Hoon, Vice Minister of the Ministry of Agriculture, Food and Rural Affairs. (File photo) [Image source=Yonhap News]

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