Gov’t to monitor bread, milk prices daily in bid to stem inflation

[Photo by Yonhap]

The South Korean government will perform daily checks on the prices of 28 food items, including bread and milk, that have recently increased in a bid to stem food inflation, putting the brakes on price hikes in everyday agricultural and food items to control prices ahead of next year’s general election.

The Ministry of Agriculture, Food and Rural Affairs decided on Sunday to daily examine the prices of 14 agricultural products, including cabbage, apples, eggs, and rice, as well as five restaurant items, including hamburgers, pizza, and chicken. Nine processed food items, including milk, bread, ramyeon, and ice cream, will also be subject to daily monitoring. A price control officer for these items at the deputy director level will be newly appointed to communicate with the industry and request its cooperation with the government’s price stabilization policy.

The government’s move to closely manage the prices of agri-food products comes as the consumer sentiment on food prices has been steadily rising. According to Statistics Korea, consumer prices rose 3.8 percent in October 2023 from a year earlier, the highest in seven months and hitting the 3 percent range for the third consecutive month. “Agricultural prices are falling as all-round efforts to increase supply helped and the weather is gradually returning to normal,” Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said on a broadcasting program on Sunday, adding that “inflation is expected to hover around 3.6 percent In November.”