Seoul: The government announced plans to bolster efforts in stabilizing the prices of essential food items, including rice and cabbage, amid ongoing inflationary challenges affecting households.
According to Yonhap News Agency, these measures were unveiled during an economic policy meeting chaired by First Vice Finance Minister Lee Hyoung-il. The finance ministry detailed a strategic plan to mitigate the impact of recent price hikes by launching a discount campaign. This initiative will offer a 3,000 won (US$2.16) discount per 20 kilograms of rice, addressing the sharp increase in the staple's retail price.
In addition to rice, the government plans to double the release volume of napa cabbage. Support will also be extended to other agricultural products severely impacted by recent climate conditions, such as watermelon, which experienced significant price surges.
Recent government data indicated that consumer prices in the country grew by more than 2 percent for the second consecutive month in July. This increase was primarily driven by higher costs of industrial goods and agricultural products. Specifically, watermelon prices saw a 20.7 percent rise on a year-on-year basis, while lettuce and other vegetables experienced a 30 percent increase compared to the same month last year.