S. Korea to expand food supply, offer discounts ahead of the Lunar New year Holiday

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 Lunar New Year holiday that starts January 21st to 24th, 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. Also supplies of livestock and fishery products will also increase 30 percent and 40 percent, respectively, it added.

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.

Editor Miso