May 17, 2021

 

South Korea to stabilise rising agriculture and livestock products

 


A South Korean senior government official said the country will stabilise rising agriculture and livestock products as it has increased the country's consumer inflation, Yonhap News Agency reported.

 

Lee Eog-weon, South Korea's First Vice Finance Minister, said prices of agriculture products remained higher compared to an average year, but it has gradually been stabilising.

 

At a government meeting, Lee said prices for agriculture and livestock products are volatile, affected by weather conditions, and influence consumer's inflation expectations.

 

2020's low base and surging prices of agriculture and oil products has seen South Korea's consumer prices 2.3% up in April, the highest year-on-year increase in four years.

 

There was a 13.1% on-year increase in prices of agricultural, livestock and fisheries products, with prices for eggs and vegetables soaring.

 

South Korea's Ministry of Economy and Finance said it will import more than 40 million eggs than initially planned this month in an effort to stabilise egg prices, which have surged due to a bird flu outbreak in the country.

 

104 million eggs were imported between January to April this year into South Korea to ease a supply shortage.

 

- Yonhap News Agency