“The price situation is very severe…Prompt response to drought”
Deputy Prime Minister and Minister of Strategy and Finance Choo Kyung-ho announced on the 5th that “we will make efforts to stabilize prices throughout the entire process of production, distribution and sale of agricultural and livestock products.”
Deputy Prime Minister Chu visited Nonghyup Hanaro Mart in Chang-dong, Dobong-gu, Seoul on the same day to check on-site prices and said this.
Deputy Prime Minister Choo said, “The price situation is very serious, with the consumer price increase rate of 5% in May. The cost of living is also unstable, mainly for some agricultural and livestock products,” he said.
He said, “The current price situation has a large external influence, so it is important for each economic agent to work together with the government to overcome them.” We will continue to devise countermeasures related to people’s livelihood stability,” he said.
Regarding the recent severe drought situation, they requested that “relevant organizations such as the Ministry of Agriculture, Food and Rural Affairs and the Rural Community Corporation make the most of the available financial resources within the government to develop wells and support pumping equipment, etc., to take prompt action.”
He added that policy efforts should be made to expand the development of water for rural areas, such as efficient use of water for multi-purpose dams and dredging of reservoirs.
The emergency measures to stabilize the livelihood of the people announced on the 30th of last month called for “prompt implementation.”
Specifically, he instructed the government to promptly implement the flour price stabilization support and feed and fertilizer purchase cost support project, and to expedite the agricultural, livestock and fishery product discount coupon business, focusing on unstable price items such as pork.
The livestock and fishery product discount coupon business supports 20-30% (up to 10,000 won) when purchasing agricultural and livestock products.
If necessary, the government will also promote emergency discount events for items such as eggs, radishes, and Chinese cabbage.
As for agricultural products, he asked to expand the supply by using the shipment control facilities and the quantity of vegetable price stabilizers.
The government decided to promote supply and demand stabilization measures centered on open field crops such as cabbage, radish, garlic, and onion so that supply and demand anxiety caused by the drought does not act as a factor in price instability.
Vice Minister of Agriculture, Food and Rural Affairs Kim In-jung said, “Even if it rains today, there is a possibility that the drought situation in some areas will continue.”
Deputy Prime Minister Chu visited major livestock products such as vegetables, fruits, livestock and eggs in Hanaro Mart to check supply and demand and price trends and listen to consumers’ opinions on discount sales events for livestock and fishery products.
The site visit was attended by Woo Seong-tae, representative of agricultural economy of Nonghyup Economic Holdings, and Ahn Byung-woo, representative of livestock economy of Nonghyup Economic Holdings.
/yunhap news