Koo Yun-cheol, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, said on November 4 that the South Korean government "will mobilize all available means to ease the burden of grocery prices during kimchi-making season, including supplying more than 47,000 tons of napa cabbage and radishes."
Speaking at a joint meeting of ministers on economic and price affairs, Koo said the government would "make every effort to stabilize the cost of living, which is key to the public livelihood."
According to the Ministry of Economy and Finance, consumer price inflation in October was 2.4%. The ministry attributed the increase to last year's low base prices for fruit and petroleum products, combined with frequent rainfall and extended holidays that raised prices for agricultural goods and related services.
Koo noted that "as weather uncertainties such as sudden cold snaps continue, we will stay alert and continue managing prices."
To address the seasonal rise in vegetable prices, the government plans to release over 47,000 tons of napa cabbage and radishes used in kimchi production. It will also distribute an additional 5,000 tons of chili peppers, garlic, onions, and salt. The government has allocated about US$36 million (₩50 billion) for discount programs during the kimchi-making period, offering price reductions of up to 50% on napa cabbage and radishes.
In addition, ministries will continue monitoring market prices and supply conditions and will introduce further measures if necessary.
The government also reaffirmed its plan to improve the distribution system for agricultural products to stabilise supply during high-demand seasons such as kimchi production.
Source: ChosunBiz