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Gov’t to Release Agricultural Products to Stabilize Prices ahead of Lunar New Year

Gov’t to Release Agricultural Products to Stabilize Prices ahead of Lunar New Year

SEOUL, Jan. 9 (Korea Bizwire) — South Korea plans to release a record amount of agricultural products into the market to stabilize prices and ease the financial burden on people ahead of the Lunar New Year, the government said Thursday. Under the plan, the government will release 265,000 tons of 16 major agricultural items, including [...]

Gov’t, Ruling Party Unveil 11.6 Tln-won Support Package to Stabilize Prices, Assist Vulnerable Households

Gov’t, Ruling Party Unveil 11.6 Tln-won Support Package to Stabilize Prices, Assist Vulnerable Households

SEOUL, Dec. 27 (Korea Bizwire) — The government and the ruling People Power Party (PPP) agreed Friday to provide 11.6 trillion won (US$7.86 billion) next year to stabilize consumer prices and ease the financial burden on low-income households. The two sides made the agreement during a consultative meeting among government officials, PPP lawmakers and private [...]

Industry Minister Confirms to Raise Electricity Prices after Summer Ends

Industry Minister Confirms to Raise Electricity Prices after Summer Ends

SEJONG, Aug. 27 (Korea Bizwire) — Industry Minister Ahn Duk-geun has confirmed that the government will increase electricity prices after summer comes to a close, in an effort to ease financial burdens on Korea Electric Power Corp (KEPCO). “We plan to raise electricity bills,” Ahn said during a meeting with reporters in the central city [...]

Gov’t to Buy 50,000 Tons of Rice to Stabilize Prices

Gov’t to Buy 50,000 Tons of Rice to Stabilize Prices

SEOUL, Jul. 1 (Korea Bizwire) — The agricultural ministry said Monday it has launched steps to purchase 50,000 tons of rice in order to stabilize its price. The latest move comes in line with efforts to reduce the 150,000 tons of rice in storage, which was harvested in 2023, in the market this year, according [...]

Hyundai’s Car Selling Prices Jump Over Past 5 Years on Weak Won, Higher Costs

Hyundai’s Car Selling Prices Jump Over Past 5 Years on Weak Won, Higher Costs

SEOUL, May 20 (Korea Bizwire) — Hyundai Motor Co.’s vehicle selling prices soared over the past five years due to a weak won, higher costs and high-end models, the company’s data showed Monday. In the domestic market, the average selling price of Hyundai’s passenger vehicles rose to 53.19 million won (US$39,000) in the January-March period, [...]

Delivery Apps’ Free Service Sparks Price Controversies

Delivery Apps’ Free Service Sparks Price Controversies

SEOUL, May 7 (Korea Bizwire) – With the major food delivery apps in South Korea waging a “free delivery” war to lure customers, some franchise owners and restaurants have sparked controversies by charging higher prices for delivery orders compared to dine-in meals, citing the burden of the apps’ commission fees.  On May 5, industry officials said [...]

Luxury Hotels in Seoul Serve Up Mango Bingsu Desserts at Soaring Prices

Luxury Hotels in Seoul Serve Up Mango Bingsu Desserts at Soaring Prices

SEOUL, Apr. 25 (Korea Bizwire) – The price of mango bingsu (shaved ice desserts) at upscale hotels in South Korea has been steadily climbing, with a new offering from Signiel Seoul now costing a staggering 130,000 won.  According to hotel industry reports from April 24, Signiel Seoul began selling its ‘Signature Jeju Apple Mango Bingsu’ for [...]

South Korea Tops Global Ranks for Highest Smartphone Prices, Study Finds

South Korea Tops Global Ranks for Highest Smartphone Prices, Study Finds

SEOUL, Apr. 23 (Korea Bizwire) – A recent report from the market research firm TechInsight has revealed that South Korea leads the world in having the highest average selling prices for smartphones, surpassing 87 other countries surveyed. After initially overtaking Japan in 2021, South Korea has now held the top spot for two consecutive years in [...]

Gov’t, Ruling Party Agree to Inject 150 Bln Won to Stabilize Agro Product Price Hike

Gov’t, Ruling Party Agree to Inject 150 Bln Won to Stabilize Agro Product Price Hike

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 [...]

Industry Minister Asks Petroleum Firms to Avoid Price Hike

Industry Minister Asks Petroleum Firms to Avoid Price Hike

SEJONG, Mar. 14 (Korea Bizwire) – Industry Minister Ahn Duk-geun on Thursday asked petroleum companies to refrain from increasing the prices of their products amid lingering inflation and external uncertainties. The remark came as global oil prices continued to remain volatile due to the prolonged war between Russia and Ukraine, along with the geopolitical instability [...]