The government has announced its intent to prepare countermeasures against “shrinkflation” as the quantity of products declines while prices remain the same.

According to First Vice Finance Minister Kim Byung-hwan, an emergency vice-ministerial meeting on Friday addressed the issue as the government acknowledged that the trend is a grave concern that can undermine consumer confidence.

Kim added that the government will conduct a survey of major daily necessities by the end of November and establish a center to receive reports of such instances.

The vice minister also announced detailed price measures, including reduced tariffs next year for items like dyes, raw silk, potatoes and modified starch.