Gov‘t to implement measures bringing produce prices down

2024.04.03 09:43:02 | 2024.04.03 09:43:06

[Photo by Lee Chung-woo]이미지 확대

[Photo by Lee Chung-woo]



Recent data found that consumer price inflation was around 3 percent for a second straight month in March 2024, largely thanks to soaring fruit prices. Economic regulators are thus coming up with measures to bring fresh produce inflation down.

In an analysis of consumer price inflation, which stood at 3.1 percent in March, agricultural products contributed 0.79 percentage points, making them the largest factor behind the recent inflation rise. The government earlier took several measures in response to inflationary pressure, but the effects remained limited in March due to a severe base effect.

Apple prices fell to the lowest level in March 2023, for example, which led to a relatively high increase a year later. As apple prices started to recover in April 2023, the price growth is likely to slow down from the same month in 2024 onwards.

As part of its efforts to increase fruit supplies, the government will supply 50,000 tons of 11 fruits, including bananas and oranges, at a discount of up to 20 percent by the end of June 2024 via the Korea Agro-Fisheries & Food Trade Corporation (aT).

The Korea Fair Trade Commission, as an anti-competition watchdog, also investigated alleged price manipulation among meat processing companies. The regulators said Tuesday on-site inspections were conducted at six meat processors, including Nonghyup Moguchon and Dodram Pig Farmers Cooperative, where market manipulation is suspected.

By Kim Jung-hwan, Kim Gyu-sik and Han Yubin

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