SEOUL, - South Korea's Agricultural Minister, Chung Hwang-keun, expressed concerns on Thursday about the practice of 'shrinkflation' by local food makers and called for collaboration with government efforts to manage inflation. Shrinkflation refers to the reduction in product quantity while maintaining the same price, often unbeknownst to consumers.
According to Yonhap News Agency, Chung, during a press briefing, highlighted the issue of consumers not thoroughly checking product details, which could lead companies to deceptively alter product sizes, like reducing content from 100 grams to 90 grams, without notifying customers. He suggested that before considering legal actions against shrinkflation, consumer organizations should actively address such tactics.
The agricultural minister also reiterated his appeal to food companies to avoid raising prices. He pointed out that despite the stabilization of wheat prices, product prices have remained high after they were increased significantly when wheat prices more than doubled.
Meanwhile, South Korea's inflation rate accelerated in October, marking the third consecutive month above 3 percent. This rise is attributed to higher prices of energy, agricultural, livestock, and fishery products. Notably, the price surge in vegetables was the highest in 29 months.
Addressing the recent outbreak of lumpy skin disease (LSD) in cattle, Chung expressed confidence in the government's ability to control the situation. He noted that the outbreaks are generally declining and expected a significant decrease by the end of November. The minister confirmed that the government plans to vaccinate all cattle next year, following the completion of inoculations for more than 4 million cattle last week.
To date, South Korea has confirmed 98 LSD cases nationwide, with four additional suspected cases under investigation.