Government Initiates Measures to Stabilize Prices and Promote Supply and Demand
The government is taking proactive steps to alleviate the burden on consumers by selecting high-priced items each week and supporting a 20% discount (30% in traditional markets) with a limit of KRW 10,000 per person. These measures aim to promote supply and demand equilibrium for each item and reduce the price burden for consumers.
Despite the stabilization of consumer prices for agricultural and livestock products, the government has decided to closely monitor the supply and demand situation of each item on a daily basis. These steps are being taken to address potential disruptions caused by adverse summer weather conditions such as heatwaves and heavy rains. The government plans to expand stockpiling activities and foster contracts, enhance growth inspections, and implement import measures to stabilize supply and demand.
According to the National Statistical Office, the consumer price index for agricultural and livestock products in June witnessed a decrease of 0.8% compared to the same month last year, maintaining a stable trend. The overall consumer price increase in June stood at 2.7%, thanks to the stable prices of agricultural and livestock products as well as petroleum products. This marks the first time in 21 months that consumer prices have entered the 2% range.
Kim Jeong-hee, the head of the food policy department at the Ministry of Agriculture, Food and Rural Affairs, emphasized the need to stabilize shopping cart prices during the summer months. Despite the generally stable trend in agricultural and livestock product prices, the ministry acknowledges the potential impact of adverse weather conditions. In addition to providing discount support to ease the burden on consumers, the ministry will implement measures to stabilize supply and demand, such as expanding contract nurturing, strengthening growth checks, and import measures.
The government is prepared to release 10,000 tons of spring cabbage in open fields in the event of a significant decrease in production due to disruptions caused by high temperatures and humidity. Similarly, up to 6,000 tons of spring radishes are currently being stocked to anticipate potential supply drops in August and September.
To address the increased wholesale price of onions at the end of June (1,222 won/kg), the government plans to supply imported onions (6,300 tons) through wholesale market listings and auctions. Additionally, efforts will be made to stockpile 6,000 tons of onions to meet the demand during holidays and the kimchi-making season. Import measures will also be considered to resolve any supply shortages in the second half of the year.
The government intends to review measures to stabilize supply and demand for garlic, such as government purchases, while closely monitoring the local auction market. Similarly, in light of the potential supply and demand volatility for potatoes due to adverse weather conditions in the summer, the Ministry of Rural Development and local governments in the main production areas are strengthening inspections and providing support for production technology. Up to 9,000 tons of potatoes, including 6,500 tons of outdoor spring potatoes and 2,500 tons of highland potatoes, will be reinforced by October to stabilize supply and demand in the second half of the year.
Recognizing the decrease in greenhouse vegetable production during the rainy season and hot weather in July, the government plans to expand its efforts to address this issue.
Regarding Hanwoo, as the price of Hanwoo is expected to remain weak due to increased supply, measures to stabilize supply and demand will be continuously promoted. These measures include discount events to encourage consumption, support for raw material utilization in food service and meat processing, and expanding exports.
In anticipation of potential price increases for pork during the holiday season in July and the Chuseok holiday in September, quota tariffs have been implemented (June-September, 15,000 tons).
For chicken, the wholesale price of broilers in mid-June remained 12.6% higher than the previous year due to a lack of chick supply caused by low breeder production. To address this, the government is encouraging businesses to stock additional chicks and expand supply through quota tariffs. Furthermore, the government is also promoting the stocking expansion of the ginseng production industry to meet the increased demand for health food during the summer. In June, the supply of ginseng chicken increased by almost 20% compared to the previous year. The government aims to maintain flexibility in adjusting the supply volume based on the stocking status of related companies.
For eggs, measures are being implemented to prevent a decline in production and maintain stable prices for producers and consumers in preparation for heatwaves during the summer.
To assist with consumer price burdens, the government selects high-priced items every week and provides a 20% discount (30% in traditional markets) with a limit of 10,000 won per person. These efforts are accompanied by supply and demand measures for each item.
Discounts for onions and cabbage are available from the 6th to the 12th of this month. Various distribution channels, including large and small markets, local agricultural cooperatives (Hanaro Mart), local agricultural product stores, traditional markets, and online centers, offer these discounts. For more information on eligible items and participating stores, visit the ‘Nuri Information about Agricultural Food’ website, specifically the Agricultural Food Policy section under Discount Support for Agricultural Products and Livestock.
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The government selects high-priced items every week to reduce consumers’ price burden along with promoting supply and demand measures for each item, and supports a 20% discount (30% in traditional markets) with a limit of KRW 10,000 per person. Photo = DB Food Diary
Although consumer prices for agricultural and livestock products are showing signs of stabilization, the government has decided to check the supply and demand situation of each item every day and implement measures to stabilize supply and demand in preparation for bad summer weather, such as expanding stockpiling. and fostering a contract, strengthening growth inspections, and import measures.
According to the National Statistical Office, the consumer price index for agricultural and livestock products in June fell by 0.8% from the same month last year, maintaining a stable trend. The general rate of increase in consumer prices in June recorded 2.7% thanks to stable prices of agricultural and livestock products and petroleum products, entering the 2% range in 21 months.
Kim Jeong-hee, head of the food policy department of the Ministry of Agriculture, Food and Rural Affairs, said, “Although the prices of agricultural and livestock products show a generally stable trend, there are bad weather such as heat waves and heavy rains in the summer. We will do our best to stabilize the price of shopping carts in the summer by promoting supply and demand stabilization measures such as expanding contract nurturing, strengthening growth checks, and import measures, while continuing to provide discount support to ease the burden on consumers.”
There is a possibility that cabbage production will decrease significantly if growth is disrupted due to high temperature and high humidity, Therefore, if the price rises, the government plans to actively release 10,000 tons of spring cabbage in the field open
Up to 6,000 tonnes of spring radishes are being stocked in preparation for the possibility that the supply of radishes will drop significantly in August and September due to growth disorders caused by high temperatures and humidity.
In the case of onions, where the wholesale price (1,222 won/kg) is higher than usual at the end of June, imported onions (6,300 tonnes) are supplied through the wholesale market listing (around 100 tonnes per day) and auctions, easing the burden on consumers. We continue to promote discount support. It plans to stockpile 6,000 tonnes to prepare for future holiday demand and the kimchi-making season, and consider import measures to resolve supply shortages in the second half of the year.
In terms of garlic, he intends to review measures to stabilize supply and demand, such as government purchases, while continuously monitoring the state of the local auction.
For potatoes, in preparation for instability of supply and demand due to deteriorating weather such as heat waves and heavy rains in the summer, the Ministry of Rural Development and local governments in the main production areas are reinforcing inspections and production technology support on for spring and highland potatoes, while up to 9,000 tonnes (6,500 outdoor spring potatoes) are strengthened by October, and 2,500 tonnes of highland potatoes) to stabilize supply and demand in second half of the year.
July is a time when the production of greenhouse vegetables decreases due to the rainy season and the hot weather. We intend to expand.
In the case of Hanwoo, as the price of Hanwoo is expected to remain weak due to an increase in supply, measures to stabilize the supply and demand of Hanwoo are continuously promoted, such as discount events to promote consumption, support for the use of raw materials such as food service and meat processing, and expanding exports.
As for pork, due to concerns about price increases during the holiday season in July and the Chuseok holiday in September, quota tariffs (June-September, 15,000 tonnes) are in place.
In the case of chicken, the wholesale price of broilers in mid-June remains 12.6% higher than the previous year due to a lack of supply of chicks due to low breeder production, so the government is encouraging related businesses to stock additional chicks and supply expansion through quota tariffs In addition, in preparation for the increase in demand for health food in the summer, we encourage the stocking expansion of the ginseng production industry, increasing the supply of ginseng chicken in June by almost 20 % compared to the previous year. In the future, the company intends to flexibly adjust the volume of supply by examining the stocking status of chicks of related companies and implementing quota tariffs as well (30,000 tons).
For eggs, in order to maintain the current stable price of producers and consumers, measures are being taken to prevent a decline in production in preparation for heat waves in the summer.
To ease the consumer’s price burden, the government selects high-priced items every week and supports a 20% discount (30% in traditional markets) with a limit of 10,000 won per person, along with promoting supply and demand measures for each item. .
From the 6th to the 12th of this month, onion and cabbage are discounts, and discounts can be obtained in various distribution channels such as large and small and medium markets, local agricultural cooperatives (Hanaro Mart), local agricultural products (food local ) direct stores, traditional markets, and online centers. For details on items eligible for discounts and shops taking part in discount events, you can look at the ‘Nuri Information about Agricultural Food’ website > Agricultural Food Policy > Discount Support for Agricultural Products and Livestock.
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