Customers shop at a major discount chain store in Seoul on Feb. 28, 2024. (Image courtesy of Yonhap)
SEOUL, Mar. 15 (Korea Bizwire) — The government and the ruling People Power Party (PPP) have agreed to inject an additional 150 billion won (US$113 million) this week to stabilize the price hike of agricultural and livestock products, the party leader said Friday.
According to government data, prices of agricultural, livestock and fishery products rose 11.4 percent on-year last month. Agricultural products, in particular, spiked 20.9 percent, which attributed to a 0.8 percentage-point increase in the overall inflation.
Of major items, prices of apples and tangerines surged 71 percent and 78.1 percent, respectively, and prices of 18 major kinds of fruits combined surged 41.2 percent last month, marking the largest increase in more than 32 years.
PPP leader Han Dong-hoon announced the expansion of the number of agricultural products eligible for government funding from the current 13 to 21, by newly adding grapes and Asian pears, to stabilize their wholesale price.
“I feel a strong sense of responsibility to address and resolve the issue of excessively high prices, particularly concerning fruits and livestock products,” Han said in a meeting with citizens in Suncheon, about 290 kilometers south of Seoul.
The plan also includes a dramatic increase in the funds allocated for discount vouchers that can be used at approximately 16,000 large retailers when purchasing agricultural products, Han said.
Additionally, the plan entails holding more annual discount events for beef, pork, eggs and chicken by providing around 30-50 percent discounts.
(Yonhap)
