SEOUL — In a move to control rising inflation, South Korea's Vice Agricultural Minister Han Hoon asked local food manufacturers to resist increasing prices on their products.
According to Yonhap News Agency, the request was made during a meeting with major local firms, including CJ Cheiljedang Corp, and comes amid concerns that the Israel-Hamas war could further drive up global oil prices, impacting consumer prices at home. Data from the ministry indicates that prices of processed food increased 5.8 percent year-on-year in September, slowing slightly from a 6.8 percent rise in July. To mitigate these issues, the government intends to implement additional tariff-rate quotas and extend support for the procurement of goods expected to have supply instability.
South Korea has recently experienced its highest consumer price increase in five months, propelled by rising oil costs and increased prices for some agricultural and fishery products.