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Korea to expand supply of food ahead of Chuseok holiday to tame inflation

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People shop at a supermarket in Seoul, Wednesday. Yonhap
People shop at a supermarket in Seoul, Wednesday. Yonhap

Korea's agriculture ministry said Wednesday it plans to sharply increase the supply of key foodstuff ahead of the Chuseok fall harvest holiday set for next month in a bid to help curb inflation in the second half.

The government also aims to raise the self-sufficiency rate of food to 52.5 percent from the current 45.8 percent, the Ministry of Agriculture, Food and Rural Affairs said in a policy briefing to President Yoon Suk-yeol.

The ministry said it will prioritize stabilizing prices of farm products in the second half as inflationary pressure could further build up in the run-up to the extended Chuseok holiday scheduled for Sept. 9-12.

Demand for vegetables, fruits, eggs and other foodstuff usually rises in South Korea ahead of the Lunar New Year and Chuseok holidays as people prepare holiday meals for family gatherings.

Consumer prices soared 6.3 percent on-year in July, the fastest rise in almost 24 years and accelerating from a 6 percent spike in June.

The agriculture ministry said it will sharply increase the supply of key foodstuff ahead of the holidays and expand the provision of discount coupons for the purchase of farm and livestock products to help ease price pressure. (Yonhap)





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