The Ministry of Agriculture, Food and Rural Affairs has exceeded its supply goals for key items ahead of the Chuseok holiday, aiming to stabilize holiday prices. The government plans to expand discount support to 149 billion won to alleviate consumer burdens.
On September 14, the ministry held a meeting at the Government Sejong Center, chaired by Deputy Minister Kim Jong-gu, to review the status of measures for stabilizing living conditions during Chuseok and to assess supply and demand trends.
Since announcing its Chuseok living stability measures on September 1, the ministry has continuously monitored price and supply conditions. To reduce the public's price burden, the government and agricultural cooperatives have increased available resources and supplemented measures such as discount events for holiday items.
Currently, the supply of 13 key Chuseok items stands at 109.1% of the planned level, with overall supply of major items deemed stable.
While agricultural product prices are generally stable, garlic and zucchini are experiencing higher prices. Garlic prices have risen due to decreased production, but the ministry is utilizing stockpiles to increase supply.
Zucchini prices increased due to reduced shipments from lower sunlight exposure, but recent improvements in weather conditions have led to a rapid increase in shipments and a decline in wholesale prices. The ministry expects prices to stabilize as purchasing activity for key items increases this week.
Livestock prices remain somewhat elevated due to a decrease in the number of animals raised and livestock diseases. The ministry is working to maximize supply through weekend operations at slaughterhouses and increasing systematic shipments. Egg supply is also being stabilized through expanded domestic production and continued imports.
To further reduce consumer burdens, discount support has been expanded. The government has increased its discount support from an initial 59 billion won to 149 billion won and extended the support period from September 23 to September 30. As a result, over 4,000 retailers will offer discounts of up to 40% on key items and those experiencing price increases.
Twenty food companies have initiated their own discounts of up to 64% on 4,765 items in response to increased demand during Chuseok. Notably, Hanwoo beef, which has seen higher prices due to a decrease in the number of animals raised compared to last year, will be featured in a focused discount event at large supermarkets from September 12 to 24.
A refund event for traditional market Onnuri gift certificates will take place from September 16 to 20, and agricultural cooperatives will also promote half-price meal discount events.
The ministry plans to monitor the supply and price situation of key items daily until Chuseok, utilizing available resources to expand supply for items with potential supply instability. It will also ensure that consumer burden relief measures, including discount support, are implemented smoothly and provide the public with information on discount events and budget-friendly purchasing options.
Deputy Minister Kim Jong-gu stated, "While the supply of key items is stable, there is a possibility of supply fluctuations for some items due to changes in weather conditions. Therefore, related organizations, including local agricultural cooperatives, should manage shipments more rigorously. I urge retailers to actively enhance discount support for key items so that consumers can fully benefit from the large-scale discount initiatives and half-price meal events."
* This article has been translated by AI.
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