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Gov't to Continue to Spend on Agricultural Product Price Stabilization Fund

Written: 2024-04-02 11:35:52Updated: 2024-04-02 11:40:41

Gov't to Continue to Spend on Agricultural Product Price Stabilization Fund

Photo : YONHAP News

Finance minister Choi Sang-mok said on Tuesday that the government will continue to pour money into emergency agricultural and livestock product price stabilization funds until food prices stabilize. 

The minister made the remarks during a meeting of economy ministers at the government complex in Sejong City. 

Regarding the three-point-one percent rise in consumer prices in March, the minister assessed that there were concerns that the price increase would expand due to rising oil prices and other supply-side factors, adding the government managed to prevent further rises with its policies. 

The minister, however, said that the prices perceived by the people are by no means low, pledging the government would act to swiftly bring down the inflation rate to the two-percent level. 
The government plans to import more than 50-thousand tons of fruit in the first half of the year, which will be supplied even to small supermarkets at prices 20 percent lower than the market rate. 

Minister Choi also said that prices will peak in March and quickly stabilize in the second half of the year unless more unusual factors occur.

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