ID :
205979
Thu, 09/08/2011 - 11:45
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Shortlink :
https://oananews.org//node/205979
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S. Korea seeking to stabilize farm product prices before holiday
SEOUL, Sept. 8 (Yonhap) -- South Korea will continue its efforts to stabilize prices of agricultural products to ease inflationary pressure ahead of the Chuseok holiday, the finance ministry said Thursday.
"The recently improving weather conditions, expanded supplies from stockpiles and imports help to steadily stabilize prices of agricultural products," the ministry said after holding a weekly price stability meeting.
"Still, for some products such as red peppers and salt, whose harvest was not good due to heavy summer rainfall, the government continues to stabilize their supplies," it added.
The ministry said that it is seeking to lower import tariffs on red peppers to expand the supply. To counter recent steep rises in the price of salt, the government will encourage farmers to produce more and unload their stockpiles on the market, it noted.
Concerns are growing that prices of vegetables, fruits and major food items could rise ahead of Chuseok, one of the nation's largest holidays, when demand usually skyrockets because of family gatherings and ancestral rites. This year's Chuseok falls on Sept. 12.
The ministry said that the government will keep tabs on prices of major farm products such as cabbage and radishes, while at the same time placing the policy priority on stabilizing costs of products deemed to be closely related to the daily life of ordinary people.
The government's efforts come as the economy remains gripped by high-flying inflation. South Korea's consumer prices surged 5.3 percent on-year in August, the fastest pace in three years and up from a 4.7 percent gain in July.
"The recently improving weather conditions, expanded supplies from stockpiles and imports help to steadily stabilize prices of agricultural products," the ministry said after holding a weekly price stability meeting.
"Still, for some products such as red peppers and salt, whose harvest was not good due to heavy summer rainfall, the government continues to stabilize their supplies," it added.
The ministry said that it is seeking to lower import tariffs on red peppers to expand the supply. To counter recent steep rises in the price of salt, the government will encourage farmers to produce more and unload their stockpiles on the market, it noted.
Concerns are growing that prices of vegetables, fruits and major food items could rise ahead of Chuseok, one of the nation's largest holidays, when demand usually skyrockets because of family gatherings and ancestral rites. This year's Chuseok falls on Sept. 12.
The ministry said that the government will keep tabs on prices of major farm products such as cabbage and radishes, while at the same time placing the policy priority on stabilizing costs of products deemed to be closely related to the daily life of ordinary people.
The government's efforts come as the economy remains gripped by high-flying inflation. South Korea's consumer prices surged 5.3 percent on-year in August, the fastest pace in three years and up from a 4.7 percent gain in July.
