Food Prices Surge Due to Heatwave and Heavy Rain... "Up to 40% Discount Support for Fruits and Chicken"

[Financial News]  Lee Hyung-il, Acting Minister of Strategy and Finance, emphasized at the price-related vice ministers' meeting held on the 14th, "Following the heatwave, the concentrated heavy rain raises concerns about supply instability of agricultural and livestock products and price increases of certain items like potatoes and cabbage," and urged related ministries to "focus on managing the supply situation of each item and ensure thorough on-site inspections and damage prevention for the stabilization of summer livelihood prices."
Acting Minister Lee presided over the price-related vice ministers' meeting at the Government Complex Seoul, checking the price trends of food items and discussing response directions.
The government plans to expand potato contract farming from the existing 1000t and promote the auction of import rights for 3200t under the low tariff quota (TRQ).
For cabbage, the government plans to more than double the available amount from last year's 17,000t to this year's 35,500t through expanded reserves.
For Korean beef, the government plans to increase the supply to 1.3 times the normal level to prepare for increased summer demand.
Additionally, the government plans to support a maximum 40% discount on major agricultural and livestock products such as fruits and chicken from July 17 to August 6, with a weekly limit of 20,000 won per person.
Acting Minister Lee ordered, "Please ensure thorough supply stability with field guidance against heavy rain, reservoir, orchard, and livestock facility inspections, and crop condition management."
Related ministries attending the meeting decided to make every effort to prevent damage by fixing orchard support facilities, tying greenhouses, and supporting pest control for crops in response to concentrated heavy rain.
Kang Hyung-seok, Vice Minister of Agriculture, Food and Rural Affairs, said, "Recently, the food and distribution industry is participating in reducing consumer burden by holding up to 50% discount events on items with high consumer sensitivity such as ramen, bread, coffee, and ice cream, which are in high demand during the summer vacation season (July-August)," and added, "The government will continue to communicate closely with the industry and continuously identify and resolve difficulties to expand processed food discount events."
Kim Sung-bum, Vice Minister of Oceans and Fisheries, said, "Online and offline seafood distribution companies are also participating in reducing shopping cart price burdens by holding up to 50% discount events on six popular fish species such as mackerel and squid, and summer health foods like abalone and eel from July 28 to August 21." 






spring@fnnews.com Reporter Lee Bomi