Seoul: The agriculture ministry announced on Thursday that it has conducted meetings with representatives from leading food companies, urging their cooperation in stabilizing the rising prices of processed food products. This initiative seeks to address consumer concerns amid a noticeable price surge.
According to Yonhap News Agency, the Ministry of Agriculture, Food and Rural Affairs convened with officials from prominent companies including CJ Cheiljedang Corp., SPC Samlip Co., and Nongshim Co. The discussions focused on strategies to curb the escalating costs of processed foods, which have seen a 2.9 percent increase compared to the previous year. This rise has been attributed to fluctuations in currency exchange rates and the global price hikes of essential food ingredients such as cocoa and coffee.
The price increase for processed food, which was relatively stable at around 1 percent throughout 2024, experienced a jump to 2.7 percent in January, followed by a further rise in February. In response, the ministry has implemented a tariff quota on the import of 13 food items, mostly essential ingredients like raw cocoa beans, tomato paste, and sugar, to alleviate the financial strain on food companies.
The Ministry of Agriculture, Food and Rural Affairs emphasized its commitment to maintaining open communication with the food industry. It plans to closely monitor food prices, ensuring efforts to stabilize the market and alleviate consumer burdens continue effectively.