Yonhap News Agency, Seoul, February 26. South Korea’s Ministry of Planning and Finance held a meeting on the 26th to stabilize prices of agricultural and sideline products and decided to import an additional 20 million eggs within the next month.
Participating departments generally believed that the price increase of agricultural and sideline products gradually slowed down after the Spring Festival holiday, but the prices of some ingredients such as onions and green onions were still rising. Thanks to the shrinking of egg demand after the Spring Festival and the stabilization of the avian flu epidemic, egg prices have slowly declined, but they are still higher than in previous years. The participating departments also agreed that if domestic agricultural and sideline product prices and international food prices continue to cause the trend of rising prices of processed foods to continue, it may burden the overall prices.
Therefore, the government has decided to import 44 million eggs before the end of this month, and an additional 20 million eggs will be imported next month; first put the government’s reserve of 370,000 tons of rice on the market, and expand the supply if necessary. In terms of processed food, the government will expand the supply of raw materials, pay close attention to the price trends of major processed foods, and control suspected price monopoly behavior. (End)