Government to Inject 350 Billion Won into Summer Discount Sales for Farm Produce, Meat, and Seafood

As prices for major food ingredients rise across the board, the government is launching a discount event on an unprecedented scale and moving to secure supply.

As of the 25th, the retail price of rice (20kg) stood at 62,386 won, up 6% from a year ago and 15% from the five-year average. Cabbage (1 head) was priced at 3,819 won, up 5% year-on-year and 3% from the average. Lettuce (100g) traded at 1,110 won, up 11% and 6% respectively. Green onions (1kg) cost 6,124 won, up 21% from last year and 15% from the average, while water dropwort (100g) was 1,390 won, 40% higher than the average and 14% higher than last year. Green peppers (100g) were priced at 1,474 won, up 13% from last year and 20% from the average, and watermelons (1 unit) recorded a price of 25,668 won, up 13% from last year and 26% from the average.

Beef (Sirloin Grade 1+, 100g) saw a 26% increase year-on-year and a 15.5% rise from the average. Pork belly (100g) increased by 7.8% compared to last year and 6.9% compared to the average. Chicken (1kg) rose 17.7% from last year and 15% from the average, while eggs (Extra Grade, 30 count) were 7,485 won, up 6.9% year-on-year and 10% from the average. Imported livestock prices also surged due to the high exchange rate. U.S. chilled chuck roll (100g) became 32% more expensive than last year and 60.3% more expensive than the average at 4,413 won.

Seafood prices also increased. Domestic mackerel (1 fish) was priced at 4,708 won, up 7.7% from last year and 9.6% from the average. Hairtail increased to 14,071 won, up 11.8% from last year and 18.6% from the average.

However, cucumbers (10 units) traded at 6,116 won, down 37% from last year and 27% from the average. Onions (1kg) recorded a price of 1,778 won, down 3% and 13% respectively. Korean melons (10 units) and apples (10 units) fell 15% and 12% (for melons), and 11% and 16% (for apples) respectively, with prices at 16,158 won and 25,548 won.

To alleviate the burden of grocery prices, the government will invest 350 billion won over July and August to implement a discount event covering all agricultural, livestock, and fishery products. A discount limit of up to 30,000 won per person will apply, with discounts of 20% for eggs, 6,000 won per 20kg for rice, and up to 60% for seafood items experiencing sharp price increases.

The government plans to directly import 2,000 tons of Norwegian mackerel, explore new import sources such as the UK and Faroe Islands, and convert domestic export volumes for domestic supply through procurement and distribution. To stabilize egg prices, the government announced it would expand fresh egg imports by more than sixfold, importing an additional 200 million eggs.

The government will mobilize all available means to do its utmost to manage the year-on-year consumer price inflation rate within 3% in the second half of the year.