S. Korea to monitor agricultural commodity prices ahead of Lunar New Year holiday

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This photo, taken on Dec. 6, 2021, shows citizens looking around for groceries at a discount store in Seoul. (Yonhap)

SEOUL, Dec. 12 (Korea Bizwire)South Korea plans to closely monitor the prices of major agricultural, livestock and fishery products starting next week to help stabilize inflationary pressure ahead of the Lunar New Year holiday, an official said on Friday. senior government official.

The government will monitor the price movements of 17 items that are mainly used for preparing holiday meals, including nappa cabbage, beef, eggs and rice, according to First Deputy Finance Minister Lee Eog-weon.

Next year’s New Lunar Festival will run from January 31 to February 2. The demand for vegetables, eggs and other foodstuffs usually increases in South Korea ahead of the traditional festival as people prepare meals for family gatherings.

The move comes as South Korea faces mounting inflationary pressures amid rising agricultural and oil prices and an economic recovery.

The country’s consumer prices rose 3.7% in November from a year earlier, the fastest annual gain in a decade. The November reading was higher than a 3.2% year-on-year increase in October.

The government said it would resume importing eggs in a bid to help stabilize egg prices amid the bird flu outbreak. The country will import 30 million eggs from the United States this month.

It plans to extend the temporary removal of tariffs on imported eggs by six months until June next year. The government will not apply any customs duties on 100 million eggs or egg products per month, compared to 8 to 30% previously.

The country also plans to reserve nappa cabbage, the main ingredient for making kimchi, to prepare for potential winter weather. She will import 10,000 tonnes of garlic as her prices have remained high due to a drop in production.

(Yonhap)


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