South Korea plans to focus on maintaining a stable supply of agricultural products to address the growing concerns over a hike in consumer prices following heavy rains, the finance ministry said Wednesday.
The announcement came as the nationwide downpours, which lasted from July 9 to 19, damaged around 35,000 hectares of farmland, with 872,000 units of livestock being killed over the period, including 862,000 chickens and ducks.
"While the supply of agricultural, livestock and fishery products remains stable, prices of some goods, such as greenhouse vegetables and chickens, have been affected by the downpours," the Ministry of Economy and Finance said in a statement.
To cope with the potential hike in consumer prices, the government said it plans to provide subsidies for replanting lettuce and offer support for the shipment of alternative crops, including cucumbers and perilla leaves.
The country will also lift tariffs on 30,000 tons of chicken by the end of August and expand the quota down the road.
The government will launch discount events at major supermarkets and traditional marketplaces by the end of August, with a budget of 10 billion won (US$7.84 million).
South Korea's on-year consumer price growth, meanwhile, slowed for the fifth straight month in June, rising 2.7 percent and falling below 3 percent for the first time in 21 months.
But the finance ministry has been expressing concerns that typhoons and heat waves may affect the price of agricultural goods.
Source: Yonhap News Agency