Seoul: The government announced on Wednesday its commitment to significantly increase the supply of key agricultural products, including napa cabbage, apples, and pears, as a strategic move to stabilize prices amidst mounting inflationary pressure.
According to Yonhap News Agency, these measures were disclosed during a government meeting led by acting Finance Minister Lee Hyoung-il. The plan involves boosting the supply of summer napa cabbage from 23,000 tons to 36,000 tons, with the entire volume set to be distributed in the market before the Chuseok holiday. Additionally, the supply of apples will be increased from 4,000 tons to 12,000 tons, and pears will rise from 2,500 tons to 4,000 tons, as stated by the finance ministry.
Minister Lee highlighted the government's intent to "prioritize the allocation of tariff-free import quotas for food ingredients to companies that actually use them, in order to ease cost burdens in the processed food industry." This initiative is part of a broader strategy to mitigate the impact of inflation on consumers.
According to government data released Wednesday, consumer prices surged by 2.2 percent in June compared to the previous year, surpassing the Bank of Korea's 2 percent target. The increase was primarily attributed to rising prices of industrial goods, especially processed food products.