Korea to ramp up food supply to tame prices ahead of Lunar New Year

[Photo by Yonhap]

The South Korean government will expand the supply of high-demand food items such as apples and pears and offer discounts in an effort to stabilize prices ahead of the Lunar New Year.

The Ministry of Agriculture, Food and Rural Affairs announced Wednesday that it will expand the supply of contract-based food items such as apples and pears during the Lunar New Year holiday period. Fruit suppliers are also expected to strictly manage their farms for timely supply in the high-demand season.

According to the Korea Agro-Fisheries & Food Trade Corp (aT), the average price of apples at Garak market in Songpa District, southern Seoul, stood at 63,279 won ($47.97) per 10 kilograms as of Wednesday, up 28.9 percent from a year ago. The price of pears surged 2.5 times from 30,012 won per 15 kilograms last year to 73,800 won.

The Ministry of Oceans and Fisheries will offer discounts of up to 50 percent off on seafood purchases until February 8 at supermarkets and online stores. Discounts will be offered on items such as mackerel and dried anchovies.