South Korea spends $113 million to stabilize agricultural prices

On March 15, leader of the ruling People's Power Party (PPP) of South Korea Han Dong-hoon said that the government and the party have agreed to inject an additional 150 billion won (113 million USD) this week to stabilize prices of agricultural and livestock products.

People shop at a discount chain store in Seoul, South Korea.

Prices of agricultural, fishery and livestock products rose 11.4 percent last month from a year earlier, with agricultural products in particular soaring 20.9 percent as overall inflation rose 0.8 percentage points, government data showed, Yonhap reported.

Under the price stabilization plan, the number of agricultural products eligible for government financial support will increase from the current 13 to 21, Han said. The plan also includes a significant increase in the amount allocated for coupons that can be used at about 16,000 major retailers when purchasing agricultural products. Annual discount events for beef, pork, eggs and chicken will also be held, with discounts of about 30% to 50%.

VIET KHUE

Source: https://www.sggp.org.vn/han-quoc-chi-113-trieu-usd-binh-on-gia-nong-san-post730966.html