Models pose with gift packages composed of agricultural products for the Lunar New Year, in this file photo released by NH Nonghyup Hanaro Mart on Dec. 27, 2022.
SEOUL, Jan. 4 (Korea Bizwire) — South Korea’s finance ministry said Wednesday it plans to use around 30 billion won (US$23.5 million) to offer discounts on major food products in line with efforts to stabilize their prices ahead of the Lunar New Year.
The government also plans to increase the supply of 16 food items with high demand ahead of the four-day holiday that starts Jan. 21, according to the Ministry of Economy and Finance.
In detail, the amount of popular agricultural products, including apples and pears, released into the market will more than double in the first three weeks of this month, compared with the average.
Supplies of livestock and fishery products will also increase 30 percent and 40 percent, respectively, it added.
Amid the growing concerns over the spread of avian influenza in the country, the government earlier said it plans to import some 1.21 million eggs from Spain and sell them via local supermarkets and other suppliers.
The country plans to offer discounts ranging from 20 percent to 60 percent in agricultural, fisheries and livestock products over the next three weeks as well, it added.
Consumer prices in South Korea rose 5.1 percent on-year in 2022, accelerating from a 2.5 percent gain in 2021, according to the data compiled by Statistics Korea. Those of agricultural, fisheries and livestock products rose 3.8 percent.
In line with efforts to cope with inflation, the government began applying flexible tariffs on major foodstuffs this month, including those of onions, chicken, mackerel and pork, which will remain in place for different periods of time, with the longest one running through June.
(Yonhap)
