The Ministry of Agriculture, Food and Rural Affairs of Korea held a meeting with the food and distribution industry to discuss plans for a discount event aimed at reducing the burden of food prices. Following a directive from President Lee Jae-myung to stabilize prices amid the rising cost of processed foods, companies will offer up to 50% discounts on items like ramen, coffee, and kimchi throughout July. This move comes as a response to processed food prices increasing by 4.6% compared to the previous year, outpacing the overall consumer price increase of 2.2%.
In a high-level government-party meeting, the government prioritized discussions on measures for stabilizing prices and livelihoods. Park Sang-hyeon, spokesperson for the Democratic Party, stated that the government is working closely with the industry to minimize price hikes and relieve consumer burden, promising thorough reviews of ongoing efforts.
Large retailers and convenience stores will host the discount event, focusing on items like ramen, for which the cost of raw materials has eased due to tariff allocations. Summer convenience foods like samgyetang and naengmyeon will also be discounted during the holiday season. Additionally, major kimchi brands such as Jonggajib and Bibigo will participate in online and offline discount events amid rising kimchi prices.
Joo Won-chul from the Ministry highlighted that despite unavoidable increases due to rising costs in raw materials, labor, and energy, recent stabilization in the prices of some ingredients like palm oil and sugar and the exchange rate are expected to ease company costs. The Ministry intends to continue monitoring market conditions post-August, exploring further discount options, and sustaining efforts to alleviate cost burdens on the food industry.