₩10 Billion Discount Event for Agri-Food Products, Seafood Up to 50% Off

The government will launch a ₩10 billion discount support program for agricultural and livestock products and a special discount event offering up to 50% off seafood in May and June to ease the burden on consumers' shopping baskets.

While livestock prices have recently increased, the overall price of agricultural and livestock products has seen a slight decrease due to falling agricultural product prices.

The Ministry of Agriculture, Food and Rural Affairs (MAFRA) will promote discount support worth ₩10 billion throughout May and June. The Ministry of Oceans and Fisheries (MOF) will hold a special discount event for seafood from the 6th to the 24th at 56 online and offline sales outlets nationwide, selling major items such as pollock, mackerel, cutlassfish, squid, seaweed, and abalone at up to 50% off.

The increase in livestock prices is attributed to factors such as animal infectious diseases and a decrease in supply. MAFRA is implementing supply stabilization measures, including discount events for Korean beef and pork, imports of eggs and hatching eggs, and extending the production cycle for broiler breeders.

Food prices rose 1.0% year-on-year, and dining-out prices increased by 2.6%. MAFRA will continue to provide tax and financial support to ease the burden of raw material procurement, and temporarily allow the use of leftover packaging and stickers for origin labeling to accommodate the use of existing packaging materials.

Park Jeong-hoon, Director-General for Food Policy at MAFRA, stated that the ministry will do its utmost to stabilize agricultural and livestock product prices by strengthening monitoring of supply and demand for each item and utilizing all available means.